Man City FC post losses of £121m
Fri 1st Oct 2010 | Money & Finance
Manchester City Football Club released its annual accounts revealing the scale of its ambitious spending to achieve success. For the 12 months leading up to 31 May this year, they posted losses of £121m having spent more on wages than their entire turnover.
The financial losses, up from £92.5m for the previous year, represent one of the heaviest in Premier League history.
Under the current owner’s tenure, wage costs have risen to £133m which exceeded a turnover of £125m.
However, the wealthy Sheikh Mansour wants to see his club competing at the very top and has spent more than £300m on players since buying City in late 2008.
"Two years ago I was fortunate enough to become part of the Manchester City story and I remain grateful for the warmth of the welcome that you have given me," Sheikh Mansour bin Zayed Al Nahyan said in a letter posted on the club's official website.
"The ownership of a club like Manchester City, with such a rich heritage and diverse community of stakeholders, carries a unique set of obligations to the fans, staff and broader Manchester community.
"This is something I do not take lightly.
"Therefore the challenge I set my board and executive leadership team is to develop City so that it is one of the most successful clubs both on and off the pitch, but to do so without losing any of the characteristics that make it so special."
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