Manchester City make £121m loss
English Premier League club Manchester City have posted figures which reveal a loss of £121m for the year to May 31.
The figures represent one of the biggest losses in the history of the EPL, well up on the £92.5m deficit of the previous year.
The club are spending £133m on wages compared with a turnover of £125m, with their billionaire owner Sheikh Mansour bin Zayed Al Nahyan providing the funds to sustain such a loss-making business model.
He has shelled out over £300m since taking over the club two years ago in a bid to bring silverware to Eastlands.
As well as recruiting former Inter Milan manager Roberto Mancini, Sheikh Mansour has brought in the likes of Robson de Souza (‘Robinho’), Carlos Tevez, Emmanuel Adebayor, Yaya Toure and Gareth Barry to name but a few as City’s squad has gone a drastic overhaul
to try and become the dominant force in English football.
'Grateful for welcome to club'
In a statement on the club’s website, the Sheikh told the club’s fans that: “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 .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."
City have stressed on several occasions that they intend for the club to eventually become self-sustaining, with UEFA set to introduce new financial regulations from next year.
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