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
What They're Saying: Phil Neville    
"I'd be first over there and I'd probably look to two-foot him or take him out ...
Video Pick: Artist and maverick, Riquelme retires    
Juan Riquelme announced the end of his fascinating career on Sunday, at age 36. The Argentine ...
Hope Solo's U.S. future remains up in air    
U.S. Soccer president Sunil Gulati hopes women's national team star Hope Solo makes progress during her ...
What They're Saying: Sunil Gulati     
"Sure. ... We've asked her to do a number of things, and she's going to have ...
MLS Trade Central: Orlando signs Colombian Rivas    
Orlando City signed highly regarded young Colombian Carlos Rivas. The 20-year-old midfielder scored 12 goals in ...
U.S. women to play send-off series in May    
U.S. Soccer will hold a send-off series of three matches against three different opponents over three ...
The Good, the Bad and -- FA Cup shockers     
Europe in a nutshell: Paul Pogba, Lionel Messi and Neymarin moving pictures; Lyon sizzling hot in ...
Fire revamps with three new DPs    
The Chicago Fire has added Scottish international Shaun Maloney to the growing list of British players ...
Tab Ramos: 'We were behind the eight ball'    
The USA beat El Salvador, 2-0, on Saturday to qualify for the 2015 U-20 World Cup ...
D.C. United kicks off 2015 with DP upgrade    
Shortly before D.C. United players and coaches headed to Bradenton, Florida, for the first phase of ...
>> Soccer America Daily Archives