City post huge £121m losses as true size of Sheikh Mansour's
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Manchester City post huge £121m losses as true size of Sheikh Mansour's investment is revealed
All smiles: Despite the losses City are showing promising signs of growth
Manchester City have posted incredible losses of £121m for the 12 months up to May 31, this year - up from £92.5m for the last year.
Wage costs of £133.3m exceeded turnover (£125m), which in any normal business would be unsustainable, as the club strive to become part of the football elite in both European and domestic competition.
The figure shows the sheer scale of the vast investment into City by owner Sheikh Mansour and the Abu Dhabi United Group.
'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 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.'
At the side of the huge losses, there are some more positive eye-catching figures. Turnover has increased by 40%, with growth in every area.
There has been a considerable hike in commercial activity, though, which has more than doubled to £52.8million.
This reflects the growing interest in City, which will increase even further should the club retain its present fourth place in the Barclays Premier League standings and gain entry into the lucrative Champions League.
Hands up: Manchester City are chasing the dream - but it is coming at a price
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Guess there will be more soon....~
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if they continue i believe city's fan base will growth faster than chelsea.
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who cares how much these stupid ragheads lose..................hope they lose even more.................since they like to throw money into the sea rather than help their fellow muslims......