St Helens Blue (Exiled)
Well-Known Member
- Joined
- 5 May 2011
- Messages
- 13,577
http://www.thesun.co.uk/sol/homepage/sport/football/3945604/Man-City-lost-05m-EVERY-day.html
Man City lost £½million EVERY day
By DAN KING
Published: Today
Add a comment (46)
MANCHESTER CITY lost an English-record £195million last season — despite winning the FA Cup and finishing third in the Premier League.
And if City and boss Roberto Mancini do not control spending, the club face being banned from the Champions League.
The loss of £194.9m — £500,000 A DAY — doesn't even include the £77m spent on Sergio Aguero and Samir Nasri in the summer.
But officials claim the staggering loss was always part of the masterplan to transform City into European giants.
And they insist the club's accounts will never be this bad again thanks to improved sponsorship deals and Champions League revenue.
But City face an uphill task to meet UEFA's new Financial Fair Play (FFP) rules, which could see the club excluded from European competition by 2014.
The previous biggest loss by an English club was Chelsea's £141m deficit during 2004-05.
City's Abu Dhabi-based owner Sheik Mansour has now invested about £800m in transfers and wages but the latest figures will give further ammunition to City's critics — including UEFA president Michel Platini.
The Frenchman believes they are buying success and upsetting the finances of the football world. City's income reached an all-time high of £153.2m but that was wiped out by the £174m wage bill.
With unwanted players like Emmanuel Adebayor and Wayne Bridge still on the books, that is only likely to increase.
City say their new £350m, 10-year deal with Etihad Airlines to sponsor their shirts and stadium, plus future growth in other commercial income and TV rights, will make a big dent in their losses.
But it is hard to see how City will meet the FFP standards.
The new rules kicked in at the start of this season and clubs are allowed to run up losses of no more than £40m over the next three years.
Possible punishments include loss of prize money, transfer embargoes and, ultimately, exclusion from the Champions League and Europa League from 2014.
However City claimed the loss was all part of the plan. The accounts said: "The result is consistent with the guidance provided in the first annual report that losses would peak in 2010-11 year."
A City source said: "Look at the companies Sheikh Mansour has invested in. He simply does not take on failing businesses.
"He wants Manchester City to be as financially sustainable as is possible. That has always been the situation."
The Sun being one of Murdochs papers are obviously still in denial.....PMSL.
Man City lost £½million EVERY day
By DAN KING
Published: Today
Add a comment (46)
MANCHESTER CITY lost an English-record £195million last season — despite winning the FA Cup and finishing third in the Premier League.
And if City and boss Roberto Mancini do not control spending, the club face being banned from the Champions League.
The loss of £194.9m — £500,000 A DAY — doesn't even include the £77m spent on Sergio Aguero and Samir Nasri in the summer.
But officials claim the staggering loss was always part of the masterplan to transform City into European giants.
And they insist the club's accounts will never be this bad again thanks to improved sponsorship deals and Champions League revenue.
But City face an uphill task to meet UEFA's new Financial Fair Play (FFP) rules, which could see the club excluded from European competition by 2014.
The previous biggest loss by an English club was Chelsea's £141m deficit during 2004-05.
City's Abu Dhabi-based owner Sheik Mansour has now invested about £800m in transfers and wages but the latest figures will give further ammunition to City's critics — including UEFA president Michel Platini.
The Frenchman believes they are buying success and upsetting the finances of the football world. City's income reached an all-time high of £153.2m but that was wiped out by the £174m wage bill.
With unwanted players like Emmanuel Adebayor and Wayne Bridge still on the books, that is only likely to increase.
City say their new £350m, 10-year deal with Etihad Airlines to sponsor their shirts and stadium, plus future growth in other commercial income and TV rights, will make a big dent in their losses.
But it is hard to see how City will meet the FFP standards.
The new rules kicked in at the start of this season and clubs are allowed to run up losses of no more than £40m over the next three years.
Possible punishments include loss of prize money, transfer embargoes and, ultimately, exclusion from the Champions League and Europa League from 2014.
However City claimed the loss was all part of the plan. The accounts said: "The result is consistent with the guidance provided in the first annual report that losses would peak in 2010-11 year."
A City source said: "Look at the companies Sheikh Mansour has invested in. He simply does not take on failing businesses.
"He wants Manchester City to be as financially sustainable as is possible. That has always been the situation."
The Sun being one of Murdochs papers are obviously still in denial.....PMSL.