London, May 17: Manchester United's cash reserves have been halved within the space of three months, the cost of exiting Europe early, wage increases and Old Trafford's redevelopment.
Quarterly accounts show they dropped from 50.9 million pounds (then $80 million) at the end of 2011 to 25.6 million pounds (then $41 million) by March 31. The figure had stood at 150.6 million pounds (then $238 million) at the end of 2010.
United was deposed as Premier League champion by Manchester City on Sunday and eliminated from the lucrative Champions League at the group stage.
But United remains English football's biggest moneymaker, with commercial revenue rising 15 percent to 27.3 million pounds ($43.4 million) year-on-year. Wages rose 9 percent year-on-year to 112.4 million pounds ($178 million).
Debt dropped to 423.3 million pounds ($673.8 million).
