All smiles: Despite the losses City are showing
promising signs of growth
Manchester City have posted
incredible losses of £121m for the 12 months up to May 31, this
year - up from £92.5m for the last year.
Wage costs of
£133.3m exceeded turnover (£125m), which in any normal business
would be unsustainable, as the club strive to become part of the
football elite in both European and domestic
competition.
The figure shows
the sheer scale of the vast investment into City by owner Sheikh
Mansour and the Abu Dhabi United Group.
'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,' Sheikh Mansour
said in a letter posted on the club's official website.
'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.'
At the side of the huge losses,
there are some more positive eye-catching figures. Turnover
has increased by 40%, with growth in every area.
There has been a
considerable hike in commercial activity, though, which has more
than doubled to £52.8million.
This reflects
the growing interest in City, which will increase even further
should the club retain its present fourth place in the Barclays
Premier League standings and gain entry into the lucrative
Champions League.
Hands up: Manchester City are chasing the dream -
but it is coming at a price