Utd’s cash reserves halved in 3 months

Manchester United’s cash reserves have been halved in three months, the cost of exiting Europe early, wage increases and Old Trafford’s redevelopment.

Quarterly accounts show they dropped from $80 million at the end of 2011 to $41 million by March 31. The figure had stood at $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 soccer’s biggest moneymaker, with commercial revenue rising 15 percent to $43.4 million year-on-year. Wages rose 9 percent year-on-year to $178 million.

Debt dropped to $673.8 million.