City reveal financial loss
28 Feb 2007 - 08:04:08
Manchester City's quest for new investment has become even more pressing after the club revealed losses exceeding £7million for the six-month period ending in November last year.
City, who made a profit of £13million in the previous year following the sale of Shaun Wright-Phillips to Chelsea, confirmed to the Stock Exchange earlier in the month that they had opened preliminary discussions with a potential new investor.
The latest interim results revealed City's turnover fell by nine per cent to £25.7million, while the wage bill at the City of Manchester Stadium rose by four per cent.
However, chairman John Wardle remains positive about the club's financial future by pointing out that the loss can be explained by the staging of one less home game and fewer non-football events at their Eastlands home.
"It is the board's strategy to run a higher wage bill in this very important year for the club," he confirmed in a statement.
Earlier in the month, and on the subject of fresh investment, Wardle admitted: "Further to the company's announcement on December 7 2006, the board confirms that it remains in preliminary discussions with third parties that may or may not lead to an offer being made for the company.
"A further announcement will be made in due course as appropriate."