Manchester City not immune from Premier League tax hike says Garry Cook

15 November 2009 15:56
City, arguably the world's richest club due to the financial power of owner Sheikh Mansour bin Zayed al Nahyan, have seen their wage bill double to almost £100m since the Abu Dhabi United Group's takeover at Eastlands in Sept 2008. [LNB]With leading figures at the club aware that City's resources will enable them to take advantage of the more prudent outlooks being adopted by Chelsea and Manchester United, plus the on-going uncertainty surrounding Liverpool's financial position, further high-profile acquisitions following on from this year's arrivals of Carlos Tevez and Emmanuel Adebayor are expected to be targeted next summer. [LNB] Related ArticlesBenitez keen to kickstart season with City winIreland rules out Republic recallBrazil puts winning ahead of beautiful gameLucas feeling the heat at LiverpoolLiverpool's Benayoun and Riera ruled outSport on televisionBut with Premier League footballers due to hand over 50 per cent of their earnings to the tax man from April 2010, English clubs must either increase their substantial wage bills in testing financial times or risk losing players to less punishing tax regimes on the continent. [LNB]And despite City's seemingly endless wealth, Cook has given a clear indication towards the club's determination not to pay over the odds, in transfer fees or wages, by admitting they will not be immune from the issues of the tax hike. [LNB]Cook said: 'You would hazard a guess that it is going to be challenging getting players in because there are [additional] financial demands on a club to bring those players in. [LNB]'But there is that emotional effect of the game which says the Premier League is one of the best leagues to play in. [LNB]'Maybe the value of being in the league is far greater than the financial remuneration. Our strategy a year ago, set down by Mark (Hughes), was that the players he wanted to add had Premier League experience. [LNB]'As a result, most of them were already familiar with the financial demands within the UK and the Premier League. [LNB]'We had a clear plan which we followed, so we've never had to debate that very much, but in the future, we'll deal with it as it comes.' [LNB]With Uefa president Michel Platini warning that club's who fail to break even within three years will be barred from entry in Uefa competitions, Cook insists he will not set a deadline on City achieving that financial goal. [LNB]He said: 'It's foolish to put a line in the stand and predict dates by which you break even. [LNB]'You can't predict the wage base. From a business standpoint, it's not the smartest thing to start predicting long-term financial profit and loss statements.' [LNB]

Source: Telegraph