Man City owner pours in nearly half a billion pounds since takeover
Thu 26th Aug 2010 | Money & Finance
It’s understood that Sheikh Mansour has been forced to inject half a billion pounds in cash into Manchester City Football Club to cover his club's runaway expenditure over the past two years.
More than £399m is said to have been injected into the club up to December last year, of which most went on covering the £304.9m in shareholder loans that had been racked up with Mansour. An article on the Guardian website revealed that a statement released to Companies House by the board of the Eastlands club's parent, Manchester City Limited, said Sheikh Mansour had paid £46.2m in cash for new equity issued in May. "The following resolution was passed by the directors of Manchester City Limited on 5 May 2010: that 21,792,452 new ordinary shares be allotted to Abu Dhabi United Group Investment and Development Limited in consideration of the cash payment of £46.2m."
In January this year, another resolution was formed under the terms of which Mansour has been able to fund the club with intermittent investments of cash. Following this, on 13 July another £53m is said to have been injected into the club from Mansour's coffers, taking the cash investment in the space of slightly more than three months to £99.4m and to within a whisker of £500m in total.
However, there are indications that Mansour's total support for the club may even exceed £650m. According to a statement of capital filed with Companies House in July, accompanying the most recent equity issue, there are now 308,465,127 ordinary shares in issue. Assuming that each one of these cost Mansour £2.12, as all those issued this year have, Mansour will have made £650m available to the club.
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