City post massive annual losses

06 January 2010 08:43
Manchester City have posted massive losses for the 12-month period to May 31 2009. The annual losses total £92.6million and do not include last summer's massive transfer outlay when the likes of Gareth Barry and Emmanuel Adebayor arrived at Eastlands. Sheikh Mansour bought the club from Thaksin Shinawatra in September 2008 and immediately signed Brazil international Robinho for £32.5million. City's chief financial and administration officer Graham Wallace said: "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. "We have always said that this transformation will take a number of years and these figures reflect that." Turnover increased by six per cent to £87million in the period while television revenues rose by 12 per cent to £48.3million.

Source: ESA