Join Now | 
HomeAboutContact UsPrivacy & SecurityAdvertise
Soccer America DailySpecial EditionAround The NetSoccer Business InsiderCollege Soccer ReporterYouth Soccer ReporterSoccer on TVSoccer America Classifieds
Paul Gardner: SoccerTalkSoccer America ConfidentialYouth Soccer InsiderWorld Cup Watch
RSS FeedsArchivesManage SubscriptionsSubscribe
Order Current IssueSubscribeManage My SubscriptionRenew My SubscriptionGift Subscription
My AccountJoin Now
Tournament CalendarCamps & AcademiesSoccer GlossaryClassifieds
Manchester City loses $150 million
by Paul Kennedy, January 6th, 2010 7AM

MOST READ

MOST COMMENTED

[MONEY MATTERS] Sheikh Mansour bin Zayed al-Nahyanur's Abu Dhabi United Group pumped $630 million into Manchester City since buying the EPL club in August 2008. City's losses tripled to almost $150 million during its first season under its ownership, but no worries here. It wrote off all its debts, converting all its loans into equity in the club.

Most telling was its operating picture. Expenses rose by almost 150 percent to $192 million to pay for the massive player salaries, but income rose by just 6 percent to $140 million.

Sheikh Mansour's decision to forgive the debt follows a similar move by Chelsea owner Roman Abramovich to wipe out his debts by converting them to equity in order to comply with UEFA debt controls, which could see clubs banned from the Champions League after 2012 unless they break even on soccer-related business.

Amazingly, City's losses don't reflect last summer's spending spree that saw another $192 million spent on new players, most notably Carlos Tevez, Emmanuel Adebayor and Kolo Toure.

 



No comments yet.

Sign in to leave a comment. Don't have an account? Join Now




AUTHORS

ARCHIVES
FOLLOW SOCCERAMERICA

Recent Soccer America Daily
U.S. under-17 men's national team roster    
U.S. head coach under-17 men's national team Richie Williams has named a 20-player roster for the ...
Business Reporter: Union teams up with Dogfish Head    
The Philadelphia Union will open a new destination beer garden with Dogfish Head Brewery at PPL ...
Columbus switches USL PRO affiliations    
The Columbus Crew will team up with the Austin Aztex to send players from its first ...
Lee Nguyen: Sitting back is not in Revs' DNA    
The New England Revolution tied an MLS record when it scored nine goals in its first ...
What They're Saying: Jerome Valcke    
"It is easy to destroy a reputation, it takes one second, it takes years to build ...
Champions League scenarios: 11 teams for five spots    
Eleven teams have qualified for the knockout stage of the Champions League, and 11 more teams, ...
Video Pick: Bend it like Uesato    
Our favorite free kick goal of the week comes from J-League 2, where Consadole Sapporo's Kazumasa ...
Breaking down the NCAA Division I women's quarterfinals    
The NCAA Division I Women's Tournament moves into the quarterfinals with three games on Friday and ...
A back-heel sombrero from Greek boy     
[VIDEO PICK: Skills] Greek youth soccer, in a game between AO Ioannina and Agia Eleousa, delivers ...
What They're Saying: Jose Mourinho    
"Obviously they must be very sad with the result but when we lose against a team ...
>> Soccer America Daily Archives