MANCHESTER CITY made a £92.6million loss - even before their eye-watering £120m summer spending spree.
Link copiedBookmark
Carlos Tevez was part of Manchester City's summer spending spree
The loss covered only the first nine months of ownership by Abu Dhabi billionaire Sheikh Mansour bin Zayed Al Nahyan when Robinho was bought for a British record of £32m and was followed by the arrivals in January of Craig Bellamy (£14m), Shay Given (£8m), Wayne Bridge (£12m) and Nigel De Jong (£14m). But the financial results, released by Manchester City yesterday, only cover the period up to May 31.
City's soaring wage bill meant their operating expenses leapt by nearly £40m on the previous season, reaching £121.2m from £83.9m.
With turnover only at £87m, it meant a net operating loss of £34.2m, and a net loss for the year, after the depreciation of player contracts and financing charges of £92.6m.
But the sheikh, like Chelsea owner Roman Abramovich, has ensured the club he bought on 1 September last season will remain debt free by converting his £305m of loans into equity.
Invalid email
We use your sign-up to provide content in ways you've consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. Read our Privacy Policy