Friday, March 29, 2024

Debt-free Manchester City cut losses

SoccerNews in English Premier League 29 Jan 2014

76 Views

Manchester City halved their losses for a second consecutive year, financial results released on Wednesday have revealed.

The 2011-12 Premier League champions posted a loss of almost £100million in their title winning season, but that figure fell to £51.6m for 2012-13.

Turnover at the Etihad Stadium was up to £271m, taking it over the £250m mark for the first time in the club’s history.

City also confirmed that they are “for the first time, operating with zero financial debt having paid off all remaining borrowings”.

Those figures make City the sixth-richest club in world football, according to a study by financial service provider Deloitte.

Chief executive Ferran Soriano said: “Financially, the club continues to improve.

“Growing revenues and controlled expenses are bringing the club to breakeven in the immediate future and profitability thereafter.”

City have made the UEFA Champions League knockout phase for the first time this season under Manuel Pellegrini, who has also guided the club into next month’s League Cup final with Sunderland.

There are also plans afoot to expand the Etihad Stadium’s capacity to 54,000 in the coming years, with a further 6,000 seats to be added.

ABOUT THE AUTHOR

SoccerNews

Soccernews.com is news blog for soccer with comprehensive coverage of all the major leagues in Europe, as well as MLS in the United States. In addition we offer breaking news for transfers and transfer rumors, ticket sales, betting tips and offers, match previews, and in-depth editorials.

You can follow us on Facebook: Facebook.com/soccernews.com or Twitter: @soccernewsfeed.

SHARE OR COMMENT ON THIS ARTICLE

WE RECOMMEND

Leave a Reply

Your email address will not be published. Required fields are marked *

This field is required *

Join the conversation!

or Register

More More
Top