Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.


Man City halve financial losses

03 December 2014, 21:28

London - Premier League champions Manchester City's hopes of complying with UEFA's Financial Fair Play (FFP) rules received a boost on Wednesday when they announced a significant reduction in their losses.

The club's annual report showed record revenues of 346.5 million ($544 million, 442 million euros) for the year ending in May 2014, while their overall losses halved to 23 million.

European governing body UEFA fined City 16.2 million in May for contravening FFP rules by spending beyond their means, but that figure will be taken out of the equation in this year's calculation.

"The club is where we hoped it would be when we began this transformation six years ago," chairman Khaldoon Al Mubarak said in the report.

Also read: Kompany out of Man City's Sunderland trip

"Now we have moved beyond the period of heavy investment that was required to make the club competitive again, it is commercial growth of the kind we are seeing today that will underpin and support our operations in the future."

City were additionally given a conditional fine of 32.8 million last season, but the club are confident that their latest financial results mean it will not take effect.

The club were also restricted to naming a 21-man squad for this season's Champions League and were told that they could not publish losses exceeding 15.7 million in the 2013-14 campaign.

As the 16.2 million fine will not be taken into account by UEFA, City have complied with the latter restriction.

Owner Sheikh Mansour bin Zayed al-Nahyan has invested over 1 billion since acquiring City in 2008, attracting the attention of UEFA's accountants, but the club appear to be moving towards a model of sustainability.

City recorded losses of 197.5 million in the 2010-11 season, but that figure has fallen progressively since then.

Since Sheikh Mansour's arrival, City have won two Premier League titles, in 2012 and 2014, as well as the 2011 FA Cup and this year's League Cup.



Read News24’s Comments Policy

Comment on this story
Comments have been closed for this article.

Read more from our Users

Nigeria @ 56: Words to my green f...

A leader’s job is not to dictate, but rather to be respected, admired and be a trustee, of the land we love, with so much potential, a land which should be freer than free. Its still a long way to fufilling our destiny! Read more...

Submitted by
Isaac Asabor263
Recession: An opportunity for Nig...

The recession should be seen as an opportunity for the country’s promotion as long as we all collectively conduct ourselves in a patriotic manner, writes Isaac Asabor.  Read more...

Submitted by
Black and White

We want to imitate the whites in everything because we are ignorant of our inherent originality and content. We spend all our Naira to acquire his inventions because we so oblivious of our natural endowments that we allow him have it for free. Read more...

Submitted by
Nate Nat
Adamawa State University Mubi: A ...

ADSU integrity forum has accused the Sunday Joshua Wugira, a lawyer, of adopting unorthodox tactics by abusing his privilege by attacking the integrity of ADSU Vice Chancellor Dr. Moses Zira Zaruwa, writes a News24 reader. Read more...

Submitted by
Abdulsalam Jubril
My Country Nigeria (Part One)

Poetry by Abdulsalam Jubril.

Submitted by
Abdulsalam Jubril
Recession, dearth in leadership a...

Every leader has the opportunity to become great and making himself immortal in the lives and hearts of people for generations to come. Will Mr. President seize this opportunity?, questions Abdulsalam Jubril. Read more...