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Manchester City cut annual losses in half

14 December 2012 19:10

Manchester City have announced huge losses for the second year in a row, with the club losing 97.9 million pounds during the last financial period.

City reported turnover for the same period of 231.1 million pounds, the highest in the club's history and a rise from 150 million pounds the previous year, but still underwent a significant overall loss.

The club's inability to progress from the UEFA Champions League group stage is believed to have had a huge impact on their turnover.

However, the figures represent a marked improvement from the season before, when City lost a total of 197.5 million pounds.

Meanwhile, the club posted marginal increases in gate and TV revenue, and more than double their commercial revenue from 64.7 million pounds to 121.1 million pounds.

Moreover, it is believed that around 80 million pounds of the losses originates from contracts that pre-date 2010, from which City expect to get some kind of relief.

The overall figures have led the Blues to remain confident in their ability to meet UEFA's Financial Fair Play guidelines as 15 million pounds of their losses have come from infrastructure and youth development costs.

The club's annual statement for the year ending May 31, 2012, read: "The capital base of the club has also been strengthened through the issuing of 169 million pounds in new equity during the year, avoiding debt-based funding and continuing to ensure that the club is virtually debt free."

Chief executive Ferran Soriano said: "What I have found is a club on the verge of a historic transformation, reinforced by a genuine commitment to doing things well.

"It is a club with a rich history and the potential for an even brighter future."

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Premier League table

# Team MP D P
1 34 +51 77
2 34 +42 75
3 33 +54 71
4 34 +18 67
5 34 +21 66

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