City confident of avoiding European exile
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MANCHESTER CITY NEWS
City confident of avoiding European exile
Garry Cook, pictured with chairman Khaldoon Al Mubarak, is confident City will be eligible for the Champions League
Manchester City chief executive Garry Cook is confident the club will be able to comply with UEFA's stringent Financial Fair Play rules.
According to figures released this week, the City owners invested a further £79.6 million into the club last month to take the total investment to £573 million since the 2009 takeover.
Under UEFA's new rules, designed to ensure clubs are self-sufficient, benefactors will only be able to contribute approximately £40 million in the 2013-14 and 2014-15 seasons and that figure will drop to around £26 million for the 2015-16, 2016-17 and 2017-18.
From 2011-12, clubs will only be able to make a loss of €45 million (£39 million) per season and, when UEFA's rules are fully enforced, they will have to break even, leading many to fear City could face exile from the Champions League and Europa League.
City's income for 2009-10 was £125 million but wages were at £133 million, with the club's loss standing at £121.3 million. However, Cook told the Guardian that the loss incorporated investment in the stadium - such as the City Square dining experience - and that spending on new players will now be curtailed.
"Yes, the annual report shows income growth and the loss, which people are asking questions about, but when you look from a broader perspective, there are investments not only for the team but for the fans," he said. "The aim is to enhance the experience of this football club for all those that touch it.
"Clearly our intention is to comply (with Financial Fair Play rules). Our two-year plan was to take a budget and build a competency to compete at the highest level, not forgetting the need for succession planning in every position.
"We are pleased with how that worked and will not be signing players to the same level of intensity in the next transfer windows.
"Financial fair play is on our conscience. We talk about it at every board meeting and it's part of our long-term plan."
City have faced criticism for what is perceived to be excessive spending on signings and wages, with some believing the arrival of billionaire owners has taken the game away from the fans.
"Critics only have their own perspective," Cook said. "They're not at the football club - they haven't been part of the planning or the long-term financial strategies.
"People think we choose players from the fantasy football league but there was a clear plan for who Roberto (Mancini) wanted to sign. One of the perceptions was that we only buy foreign players, then suddenly people saw that six of the England team who finished against Switzerland were City players.
"When people see the good things we are actually doing, they seem to be enlightened."