London - 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 £50.9m at the end of 2011 to £25.6m by March 31. The figure had stood at £150.6m at the end of 2010.
United were deposed as Premier League champions by Manchester City on Sunday and eliminated from the lucrative Champions League at the group stage.
But United remain English football's biggest moneymaker, with commercial revenue rising 15% to £27.3m year-on-year. Wages rose 9 percent year-on-year to £112.4m.
Debt dropped to £423.3m.