- Premier League
Man City suffer record financial losses
Manchester City have announced annual losses of £194.9 million, the highest ever recorded in English football.
The colossal sum shows the depth of investment made by Sheikh Mansour to transform City from a lower-mid table outfit in 2008 to their present status as Premier League leaders.
Whilst accepting the vast scale of the losses, City officials are adamant it marks a low point in their financial graph and from this point forward, they will be embarking on a significant upward trend.
''Our losses, which we predicted as part of our accelerated investment strategy, will not be repeated on this scale in the future,'' said chief operating officer Graham Wallace.
Thankfully for City, the figures will not be taken into account as part of UEFA's Financial Fair Play regulations, as they fall outside the accounting window.
The mammoth sponsorship deal with Etihad Airlines, and the riches on offer in this season's Champions League, will begin to impact on City's accounts in 12 months' time.
The Blues are also pointing out that commercial revenue has risen 49.7% to £48.5 million - and TV rights, thanks to the club's third place Premier League finish, winning the FA Cup to end a 35-year trophy drought and a run to the last 16 of the Europa League, have increased 27.4% to £68.8 million.
Overall turnover was £153.2 million, breaking through the £150 million barrier for the first time.