Revenue up but bond buyback costs United dear | sports | Hindustan Times
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Revenue up but bond buyback costs United dear

sports Updated: Feb 23, 2012 01:18 IST

Manchester United's cash reserves fell by £100 million ($158 million) in six months partially to finance an investment in the squad that is failing to maintain the English champions' dominance on the pitch.

As a result of spending that also took in stadium improvements and a bond repurchase program, the Old Trafford bank balance dropped from £ 150.6 million to £50.9 million ($238 million to $80 million) to December 31, the club's quarterly accounts revealed yesterday.

Despite net spending of 48 million pounds ($76 million) on new players, including defender Phil Jones and winger Ashley Young.

Meanwhile, neighbour Manchester City has established itself as the Premier League's new force, holding a two-point lead over United.

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