Manchester City post massive loss

06 January 2010 10:13
Manchester City football club has reported an annual loss of £92.6m ($148m) for the 2008/09 financial year.The figures reflect the large sums of money spent on top-class players by Sheikh Mansour since he bought the Eastlands club in September 2008. [LNB]They include the £32.5m signing of Brazilian star Robinho. [LNB]The figures do not take into account the further large outlay since May 2009 on players such as Carlos Tevez, Kolo Toure and Emmanuel Adebayor. [LNB]'Transformation'[LNB]The financial report also shows that Sheikh Mansour has invested £395m in Manchester City by converting loans of £305m into equity, as well as buying further shares of about £90m. [LNB]"The financial results reflect a period of rapid change at the club, the result of long-term planning and investment by the board and our owners, to create a sustainable business in the future," said City's chief financial and administration officer, Graham Wallace. [LNB]"We have always said that this transformation will take a number of years and these figures reflect that." [LNB]Other players bought during the financial period included Craig Bellamy and Shay Given. [LNB]Away from player transfer costs, there were some positive signs in other aspects of the business. [LNB]Turnover was up 6% to £87m, while average attendances rose slightly, to 42,890 from 42,081 the year before. [LNB]A run to the latter stages of the UEFA Cup helped boost ticket revenues by £1.8m, and TV income was up by 12% to £48.3m, also boosted by the European run.

Source: BBC_Sport