Manchester City's debts have
been written off by club owner Sheikh Mansour.
The Sun says Sheikh Mansour has written off the club's
£305MILLION debts.
City last night unveiled their first accounts since the Abu
Dhabi billionaire paid £210m for the club in August 2008. They show
the Sheikh and his family - worth an estimated £560BILLION - have
turned the club's massive debt into equity.
City have splashed an incredible £200m on players since the
takeover, with the accounts revealing the club ran at an operating
loss of almost £100m in the last financial year to May 2009. That
was before former boss Mark
Hughes spent a further £100m on players.
The incredible figures show the extent to which Mansour is
devoted to the Eastlands outfit.
City also revealed that turnover for the year ended May 31,
2009, increased by six per cent to £87m, compared to £82.3m in
2008.
The club's chief financial officer Graham Wallace said: "The
financial results reflect a period of rapid change at the club, the
result of long-term planning and investment by the board and
owners, to create a sustainable business in the future.
"The owners' decision to convert debt to equity is in line with
their previously-stated financial strategy and is fantastic news
for supporters of Manchester
City, whose club is now on a secure financial
foundation that gives a tremendous platform to build from in the
future."
