| Manchester City make £121m loss • Financial loss is second highest in Premier League history• City have less than four seasons to meet fair-play criterionManchester City made a financial loss of £121m in the 12 months to 31 May 2010, the first full year of ownership by Sheikh Mansour bin Zayed Al Nahyan, the club will announce today. Their income of £125m was entirely eclipsed by the wage bill which, for all staff, rose to £133m, up from £83m. That meant the club spent £8m more than their entire turnover on wages alone.The result of Mansour's investment, now up to £500m in all of City's operations – most spectacularly by signing a squad of international players, several on wages of more than £100,000 a week – is the second biggest financial loss in the Premier League's history. The highest was that of Chelsea, who lost £141m in 2004-05, the end of the first full year following the takeover by the Russian oligarch Roman Abramovich.City's investment from Abu Dhabi and improved performance – fifth place in the Premier League – led to earnings increasing by 45%, from £87m in 2008–09 to £125m. Season‑ticket sales were up too – this season all 35,000 have sold and "partnership income", largely sponsorship, has increased by almost 400% to £32.4m.In the annual report, the club proudly highlight their all-round investment, with 106 further non-playing staff recruited, £255 spent per fan on improving the stadium experience, enhanced community programmes and other infrastructure.Mansour says in an accompanying letter that his aim is to develop City into "one of the most successful clubs on and off the pitch, but to do so without losing any of the characteristics that make it so special".The annual report reveals that since May the signings of David Silva, Yaya Touré, Jérôme Boateng, Aleksandar Kolarov, Mario Balotelli and James Milner, balanced by sales including Robinho and Stephen Ireland, cost a net £96.6m and significantly increased the wage bill.City's strategy is similar to Chelsea's in the early days: invest heavily in players to gain success on the pitch, which brings higher earnings from television, tickets and commercial revenue. The aim is to bring young players through to replace the senior earners, and thereby bring income and expenditure more into line.Their challenge, though, is to meet Uefa's financial fair-play edict, which requires clubs to break even beginning next year. Clubs are permitted to lose only €45m (£39m) to 2014 or they may face sanctions, including, most severely, exclusion from European competitions.The chief executive, Garry Cook, said City are aiming to meet the requirements. "The last thing we want is not getting a licence to play in the greatest league."Manchester CityBusinessDavid Connguardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds guardian.co.uk |
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