Manchester United's net cash out flows on new players and coaches rose by more than £45million in the final six months of last year.
Between 1 July 2019 and 31 December 2019, £165.3million flowed out of the club on 'intangible assets,' or contractual agreements for players and coaching staff.
This was up from £119.9million in the same period in 2018.
In the 12 months between the two periods, United added Harry Maguire, Aaron Wan-Bissaka and Daniel James to the squad.
Marouane Fellaini, Matteo Darmian and Romelu Lukaku all exited the club permanently in 2019.
United's £165.3million spend will have included instalments on other big money signings in recent years, including Fred, Diogo Dalot, Lukaku, Nemanja Matic, Victor Lindelof and Alexis Sanchez.
United, like every other club, spread the payment of fees over several years in order to remain competitive.
In 2018/19, the club spent a net £135.2million on transfers, which United said mainly comprised payments made for the acquisitions of Fred, Lukaku and Dalot, as well as Paul Pogba, despite the Frenchman joining in the summer of 2016.
What's unclear from United's accounts is how much cash flowed out to pay for the early termination of Jose Mourinho's contract in December 2018.
United agreed a financial package worth £19.6million with the Portuguese, although this too could have been paid in instalments.
