Post by Macmoish on Sept 28, 2010 6:33:39 GMT
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Manchester City Account Out Next Week
I guess at some point (or maybe not) the QPR Accounts will be officially released. (They were posted by Scott/copied here - 6 or more months ago).
What City have done is just so disgusting in terms of money spent
Telegraph
Manchester City set to show extent of massive outlay by publishing financial results
Manchester City are preparing to release their financial results for last season that will cast fresh light on Sheikh Mansour bin Zayed al Nahyan’s massive spending since he bought the club in 2008.
The results, expected to be announced in the next week, are expected to show further losses as a result of a rampant wage bill and transfer spending well beyond the reach of the club’s revenues.
The accounts are likely to fuel concern among City’s rivals at the impact of Mansour’s spending, described by Arsenal chief executive Ivan Gazidis last week as “unsustainable in any football business”.
In 2008-09, the first year of Mansour’s ownership, City recorded a net loss of £92.6 million, with wages, up 53 per cent on the previous season, accounting for £82 million of the annual revenue of £87 million, and operating costs of £120 million.
This year the wage bill will again have ballooned thanks to the arrival of a string of high-profile signings led by Carlos Tevez, and while City’s media revenues have grown by £10 million courtesy of their fifth-place finish, it is inconceivable that the spending has been covered by traditional revenues.
As well as Tevez, thought to earn in excess of £140,000 a week, Kolo Toure (£120,000), Gareth Barry (£100,000), Roque Santa Cruz (£80,000), Emmanuel Adebayor (£160,000), Jolean Lescott (£80,000), Adam Johnson (£70,000) and Patrick Viera (£40,000) are all joined in the period covered by the accounts.
Combined they cost an estimated £125 million, with annual wages increased by around £41 million even before the arrival this season of Yaya Toure, James Milner, David Silva, Mario Balotelli, Aleksandr Kolarov and Jerome Boetang.
The accounts may also shed light on the structure of the Tevez deal, which is thought to have seen his agent Kia Joorabchian’s management company receive the £25.5million fee.
They will also include the pay-off to Mark Hughes and his coaching staff, sacked in favour of Roberto Mancini last season.
Mansour has underwritten the transfer spending by repeated equity injections over the last two years. In January he converted a loan of almost £400 million to equity, and company fillings reveal that he has injected a further £99 million via the purchase of new shares this year.
City’s spending runs contrary to the more austere reality facing many clubs but with Uefa’s financial fair play regulations limiting benefactor loans coming into force 2012-13 Mansour has limited time to close the gap between City and their established rivals for a Champions League place.
www.telegraph.co.uk/sport/football/teams/manchester-city/8028637/Manchester-City-set-to-show-extent-of-massive-outlay-by-publishing-financial-results.html
Manchester City Account Out Next Week
I guess at some point (or maybe not) the QPR Accounts will be officially released. (They were posted by Scott/copied here - 6 or more months ago).
What City have done is just so disgusting in terms of money spent
Telegraph
Manchester City set to show extent of massive outlay by publishing financial results
Manchester City are preparing to release their financial results for last season that will cast fresh light on Sheikh Mansour bin Zayed al Nahyan’s massive spending since he bought the club in 2008.
The results, expected to be announced in the next week, are expected to show further losses as a result of a rampant wage bill and transfer spending well beyond the reach of the club’s revenues.
The accounts are likely to fuel concern among City’s rivals at the impact of Mansour’s spending, described by Arsenal chief executive Ivan Gazidis last week as “unsustainable in any football business”.
In 2008-09, the first year of Mansour’s ownership, City recorded a net loss of £92.6 million, with wages, up 53 per cent on the previous season, accounting for £82 million of the annual revenue of £87 million, and operating costs of £120 million.
This year the wage bill will again have ballooned thanks to the arrival of a string of high-profile signings led by Carlos Tevez, and while City’s media revenues have grown by £10 million courtesy of their fifth-place finish, it is inconceivable that the spending has been covered by traditional revenues.
As well as Tevez, thought to earn in excess of £140,000 a week, Kolo Toure (£120,000), Gareth Barry (£100,000), Roque Santa Cruz (£80,000), Emmanuel Adebayor (£160,000), Jolean Lescott (£80,000), Adam Johnson (£70,000) and Patrick Viera (£40,000) are all joined in the period covered by the accounts.
Combined they cost an estimated £125 million, with annual wages increased by around £41 million even before the arrival this season of Yaya Toure, James Milner, David Silva, Mario Balotelli, Aleksandr Kolarov and Jerome Boetang.
The accounts may also shed light on the structure of the Tevez deal, which is thought to have seen his agent Kia Joorabchian’s management company receive the £25.5million fee.
They will also include the pay-off to Mark Hughes and his coaching staff, sacked in favour of Roberto Mancini last season.
Mansour has underwritten the transfer spending by repeated equity injections over the last two years. In January he converted a loan of almost £400 million to equity, and company fillings reveal that he has injected a further £99 million via the purchase of new shares this year.
City’s spending runs contrary to the more austere reality facing many clubs but with Uefa’s financial fair play regulations limiting benefactor loans coming into force 2012-13 Mansour has limited time to close the gap between City and their established rivals for a Champions League place.
www.telegraph.co.uk/sport/football/teams/manchester-city/8028637/Manchester-City-set-to-show-extent-of-massive-outlay-by-publishing-financial-results.html
