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Friday, December 14, 2012
City halve losses

Richard Jolly

Manchester City have announced pre-tax losses of 93.4 million for the 2011-12 season.

• Mancini: December crucial for City

It means the Premier League champions have halved their losses, following a record loss of 197.5 million in the 2010-11 campaign. City's annual revenue also rose beyond 200 million for the first time, partly because of their debut campaign in the Champions League.

In total, City's revenue went up by 51% to 231.1 million, including 22 million from their Champions League campaign and 97 million in sponsorship, up from 48.5 million the previous year.

Chief executive officer Ferran Soriano said: "What I have found is a club on the verge of a historic transformation, reinforced by a genuine commitment to doing things well. It is a club with a rich history and the potential for an even brighter future."

City hope the increase in their turnover will help them on their long-term goal of breaking even.

UEFA's Financial Fair Play rules come into effect next season but City believe they will be able to meet the guidelines because 15 million of their expenditure is attributable to infrastructure and youth development costs while 80 million comes from contracts that predate 2010, which should qualify them for some relief.

Information from the Press Association was used in this report

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