LONDON: Manchester United's cash reserves fell by nearly 100 million pounds ($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.

The team's cash balance dropped from 150.6 to 50.9 million pounds to Dec. 31 as a result of spending that also took in stadium improvements and a bond repurchase program.

But United exited the Champions League early and neighbor Manchester City is establishing itself as the Premier League's new force.

However, United's moneymaking abilities appear to be undiminished, with 175 million pounds generated in the six months to Dec. 31 - up more than 10 percent on the same period a year earlier.

United's debt was 439 million pounds, a drop from a year earlier but a six million-pound rise since Sept. 31.