source: edition.cnn.com
(CNN) -- Big-spending English club Manchester City moved a step closer to meeting European football's financial fairplay requirements on Friday despite posting a loss of almost $160 million for last season.
City's deficit of £97.9
million ($158 million) for 2011-12's Premier League-winning campaign was
just under half that of the £197.5 million ($318 million) for the
previous period -- which was the biggest loss in soccer history.
The latest figure
represents the fourth highest deficit in the English game -- three of
which belong to City since the arrival of its Abu Dhabi owners in 2008.
It can be contrasted with the $37 million net profit made by rival Manchester United in 2011-12.
United posted a reduced
revenue of £320 million ($517 million) for that period, while City
closed the gap with a club-record turnover of £231.1 million ($374
million). Both are substantially behind leading Spanish clubs Real
Madrid and Barcelona.
It was the first time
that City had breached the £200 million ($323 million) mark, and
reflects the club's attempts to become more self-sufficient and avoid
possible punishment from UEFA for failing to meet FFP targets.
However, owner Sheikh Mansour bin Zayed still injected £169 million ($273 million) in order to keep the club debt free.
"It is important to
recognise the personal and ongoing influence of Sheikh Mansour bin Zayed
on the rapid transformation that is taking place," said chairman
Khaldoon al-Mubarak.
"The hard work of everyone involved at Manchester City over the last four years has begun to create an obvious momentum."
Last season City won the English title for the first time since 1969, and made a debut appearance in the UEFA Champions League.
The club's revenue would
have been higher if not for a group-stage exit from Europe's top club
competition -- which has been repeated already this season -- but new
chief executive Ferran Soriano was satisfied with the results.
He joined City in September, having previously helped transform the financial fortunes of Barcelona between 2003-08.
"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," he said.
With the FFP rules
coming into play from next season, City officials are under pressure to
conform -- or face the possible expulsion from European competition and a
withholding of prize money.
A 10-year stadium rights
deal with Etihad Airlines -- owned by Abu Dhabi's royal family -- which
also includes the club's under-construction campus has considerably
boosted City's balance sheet.
It is building an
academy to try to avoid paying over the odds for star players in the
future -- the £201.8 million ($326 million) wage bill for 2011-12 made
City the first English club to break £200 million in salaries, according
to the Sporting Intelligence website. That equates to more than $890,000 a day.
"The City Football
Academy will strengthen the club's youth development and training
capabilities, enable more players to move through the Academy and Elite
Development Squads into the first team in the future, while bringing all
of the club's operations together on a single site within the Etihad
Campus," Khaldoon said.
"The responsibility lies
with all of us to continue the hard work that will ensure that this is
only the beginning of a long and successful era for Manchester City."
source: edition.cnn.com
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