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Nairaland Forum / Entertainment / Sports / European Football (EPL, UEFA, La Liga) / Manchester City Record Greatest Ever Loss In England (896 Views)
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Manchester City Record Greatest Ever Loss In England by gbengress1: 11:57pm On Nov 18, 2011 |
Manchester City have reported annual losses of £194.9m - the highest in the history of English football. The club's officials said the sum marked a low point in their finances and they would now be embarking on an upward trend. Chief operating officer Graham Wallace said: "Our losses, which we predicted as part of our accelerated investment strategy, will not be repeated on this scale in the future." The loss does not include City's huge sponsorship deal with Etihad Airlines, which is said to be worth £35m per year over the next decade, or revenues from this season's Champions League campaign. It highlights the depth of investment made by the club's owner Sheikh Mansour bin Zayed al Nahyan , a member of the Abu Dhabi ruling family, in turning Man City into Premier League leaders. Sheikh Mansour has spent over £600m on building up Roberto Mancini's squad in the past three years. The club has snapped up the cream of the world's footballing talent both from rival Premier League clubs and foreign outfits. Big names like France star Samir Nasri, Spain's David Silva and Argentinian Sergio Aguero have powered them to the pinnacle of the domestic league. Mancini has closed the door on the possibility of Tevez returning to the club The financial results follow the announcement that Adam Johnson and Pablo Zabaleta have signed new contracts, until 2016 and 2015 respectively, with the club. The results will not fall under Uefa's financial fair play rules, which come into effect in 2013. They aim to stop reckless spending on wages and transfer fees, and require clubs to break even over three years. The club has pointed out its commercial revenue has risen by nearly 50% to £48.5m and television rights have increased by more than a quarter to £68.8m. Chairman Khaldoon al Mubarak said: "With our best-ever result in the Premier League, qualification for the Uefa Champions League, and an historic FA Cup campaign that delivered the club its first piece of major silverware in 35 years, there is much to be proud of." Meanwhile, Mancini has said that Carlos Tevez's decision to return to Argentina without permission has ended any hope of the striker playing for the club again. City found Tevez guilty of five breaches of contract for refusing to warm up in a Champions League match against Bayern Munich in September. He was suspended for two weeks and had a fine of four weeks' salary halved after the intervention of the PFA. But it seems Mancini's patience has now run out. "We can't continue to talk about Carlos," he told reporters. When asked whether there was any way back for the Argentine, Mancini answered: "No, I don't think (so)." There are currently no comments for this story. Be the first to comment below, and let us know what you are thinking. |
Re: Manchester City Record Greatest Ever Loss In England by gbengress1: 11:58pm On Nov 18, 2011 |
news.sky.com/home/business/article/16113216 |
Re: Manchester City Record Greatest Ever Loss In England by stepalex(f): 6:55am On Nov 19, 2011 |
That is a huge loss, They must know how to manage their resources properly, |
Re: Manchester City Record Greatest Ever Loss In England by gbengress1: 7:58am On Nov 19, 2011 |
They have overutilize their resources |
Re: Manchester City Record Greatest Ever Loss In England by dominique(f): 1:25pm On Nov 19, 2011 |
They have a huge financial backing else, they would have gone under. |
Re: Manchester City Record Greatest Ever Loss In England by stepalex(f): 2:05am On Nov 24, 2011 |
gbengress1: Possible, Brazil has a good economy though, Just forget the corruption issues from different institutions, |
Re: Manchester City Record Greatest Ever Loss In England by KenJADE(m): 7:21am On Nov 30, 2011 |
they hav d money |
Re: Manchester City Record Greatest Ever Loss In England by gulfer: 11:18am On Dec 22, 2011 |
Sebi, they recorded the biggest victory against Man. United, they are recording BIGGEST in everything! |
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