City expected to announce huge losses in aftermath of spending spree
Published 28/09/2010 | 05:00
Manchester City are preparing to release their financial results for last season, which will cast fresh light on Sheikh Mansour bin Zayed al Nahyan's enormous spending since he bought the club back in 2008.
The results, which should be announced in the next week, are expected to show further losses as a result of a rampant wage bill and transfer spending well beyond the reach of the club's revenues.
In 2008-09, the first year of Mansour's ownership, City recorded a net loss of £92.6m, with wages, up 53pc on the previous season, accounting for £82m of the annual revenue of £87m, and operating costs of £120m.
This year, the wage bill will again have ballooned thanks to the arrival of a string of high-profile signings led by Carlos Tevez from bitter rivals Manchester United, and while City's media revenues have grown by £10m courtesy of their fifth-place finish, it is inconceivable that the spending has been covered by traditional revenues.
As well as Tevez, thought to earn in excess of £140,000 a week, Kolo Toure (£120,000), Gareth Barry (£100,000), Roque Santa Cruz (£80,000), Emmanuel Adebayor (£160,000), Joleon Lescott (£80,000), Adam Johnson (£70,000) and Patrick Viera (£40,000) all joined the club in the period covered by the accounts.
Combined, those signings cost an estimated £125m, with the annual wage bill increased by around £41m. (© Daily Telegraph, London)