LONDON (AP) — Manchester United’s cash reserves fell by 100 million pounds ($158 million) in six months partially to finance an investment in a roster failing to maintain the English champions’ dominance.
The team’s cash balance dropped from 150.6 million to 50.9 million pounds ($238 million to $80 million) as of Dec. 31, the result of spending that also included stadium improvements and a bond repurchase program.
United failed to advance past the first round of the Champions League, and neighbor Manchester City holds two-point lead in the Premier League.
However, United’s moneymaking abilities appear to be undiminished, with 175 million pounds ($277 million) in revenue in the last six months of 2011, up more than 10 percent on the same period a year earlier.
United’s debt was 439 million pounds ($694 million), a drop from a year earlier but a six million pound ($9.5 million) rise since Sept. 30.
