Manchester City record incredible losses

(GSM) – Manchester City have recorded an incredible £121 million in the last financial year as they spent more on wages than their entire income.

City’s entire turnover of £125 million was surpassed by the £133 million that they splashed out on wages for new stars such as Mario Balotelli, James Milner and Yaya Toure.

Chief Executive Garry Cook has assured that there will be no repeat of the club’s massive transfer spending.

“It is safe to say that player acquisitions on the scale we have seen in recent transfer windows will no longer be required in the years ahead now that we have such a deep and competitive squad,” he said.

City recruited an additional 106 non-playing staff, they donated £423,586 to UK charities and shelled out £1.5 million to develop their training ground and stadium.

However, they did recoup some cash after selling 12,000 of Roberto Mancini’s trademark scarves, at £8 each.

But the club will now have to change their financial management method to suit the new UEFA financial regulations in which clubs that record losses higher than £39 million from now until 2014 could face sanctions.