Manchester United says a half-year loss of $18 million is the result of U.S. President Donald Trump's tax overhaul.

The U.S. corporate tax rate was cut from 35 percent to 21 percent in December.

United says the changes required the team, which is owned by the American Glazer family and listed on the New York Stock Exchange, to make an accounting write off of 48.8 million pounds ($6.8 million).

It led to United on Thursday reporting losses of 12.87 million pounds in the first half of the financial year after making a profit of 18.7 million pounds in the six months to Dec. 31 2016.

Trump referenced United being owned by a friend in a recent interview with British broadcaster Pier Morgan.

United's revenue rose 10 percent year-on-year to 304.9 million pounds.