Man City Posts Huge Financial Loss
Premier League club Manchester City has announced huge losses of £121m for the year leading up to 31st May 2010.??
The clubs lavish spending has seen them splash more on wages than their entire turnover.??The financial losses, which is up from £92.5m for the previous year, represent one of the largest in Premier League history.
The new losses could signal the end of the club’s extravagant spending according to chief executive Garry Cook: ‘Player acquisitions on the scale we have seen in recent transfer windows will no longer be required, the squad is in ideal shape’
The club, owned by wealthy Sheikh Mansour, posted wage costs of £133m that exceeded a turnover of £125m last year.??
The club has recently had an active summer transfer window having bought the likes of James Milner, Yaya Toure and David Silva – all for large amounts of money.
The highest ever financial Premier League loss was Chelsea’s in 2004-2005, with the London club losing £141m at the end of the first full year of Roman Abramovich’s reign.
