Source: Telegraph
Manchester City's losses trebled under Thaksin Shinawatra
Group accounts for Manchester City Ltd, the club's parent company, show a pre-tax loss of £32.6m to May 2008, almost three times higher than the £11m loss posted in the 2007 season.[LNB]Turnover increased 31 per cent to £82.3m largely because of the impact of the new Premier League television deal which saw City's media revenues rise from £24.2m to £43.3m.[LNB] Related ArticlesHamburg 3 Man City 1Premier League team newsBellamy: I'll clean bootsManchester United debt soars to £700m despite record seasonSpend on pet health up 2pc for CVSPawnbrokers could spread like StarbucksA £50m spree on new players saw the asset value of the club half however. City said in its 2007 accounts that it had spent £50.6m on new players in the early part of the 2007/08 season after Shinawatra acquired the club and hired Sven Goran Eriksson.[LNB]The accounts cover the only full season during which City was controlled by Shinawatra, who sold a 90 per cent stake to Sheikh Mansour bin Zayed Al Nahyan's Abu Dhabi United Group Investment & Development Ltd in September last year for £210m.[LNB]The club's financial position is now very different with Sheikh Mansour's billions underwriting it, but the directors have said they are seeking to run it on a stable business footing. That did not preclude the £34m capture of Robinho in August, nor the failed £100m January bid for Kaka.[LNB]Meanwhile, midfielder Stephen Ireland has accused some of his team-mates of "hiding" when the going gets tough. [LNB]Ireland was left angry and frustrated after the 3-1 defeat by Hamburg in the UEFA Cup quarter-final first leg match at the Norbank Arena. [LNB]It means City now face an uphill task in the return leg at Eastlands on Thursday if they are to reach the last four. [LNB]"We have got more quality, but at home we need to show it and be braver," Ireland said. [LNB]"I think at times some people were hiding and when we had our backs against the wall they were not brave enough to come out and fight." [LNB] [LNB]
