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I'm sure that Moomba would have gotten around to posting this:
(And isn't it lucky that the Massives got a free stadium?)
http://soccernet.espn.go.com/headlinenews?id=281872&cc=3436
Man City debts rise to £50m
Manchester City's debts have increased to £50million after heavy investment in the team saw them retain their Premiership status last season.
Nicolas Anelka: Costly (NealSimpson/Empics)
City, whose wage bill rose from £24million to £35million during last season, splashed out huge transfer fees on Nicolas Anelka and Robbie Fowler in the year ending May 31 and were rewarded with a ninth-placed finish.
The figures will raise eyebrows, coming only days after Premiership rivals Leeds announced record annual losses of £49.5million and overall debts of £78million, but City's managing director Alistair Mackintosh explained the debts were secured against the club's new City of Manchester stadium.
He told the Manchester Evening News: 'The debt is well-structured. Leeds' situation was different because there was no new stadium and the players were the security.'
City made operating profits of £1.7million against losses of £5.9million in the previous year. However, pre-tax losses rose from £13.9million to £15.4million as a result of player trading.
Their overall debts increased from £30million after chairman John Wardle and his business partner at the JD Sports group, David Makin, made a loan of £10million to help fund signings. Existing debts were also refinanced.
Turnover for the year increased by 75% from £28million in 2002 to £49million this year.
Wardle said: 'The last 12 months have seen significant progression for Manchester City Football Club.
'We emerge from this period of change strong, enthused and well placed to drive the club forward.
'Against a backdrop of a deteriorating transfer market, the decision was taken to continue to invest in the squad.
'This investment paid off handsomely with a ninth-place finish in the Premiership, bringing additional revenue into the club.'
As for the club's future aspirations, Wardle added: 'We continue to push forward on all fronts. We have the basic building blocks in place and we must now look to further improve all aspects of the organisation.'
(And isn't it lucky that the Massives got a free stadium?)
http://soccernet.espn.go.com/headlinenews?id=281872&cc=3436
Man City debts rise to £50m
Manchester City's debts have increased to £50million after heavy investment in the team saw them retain their Premiership status last season.
Nicolas Anelka: Costly (NealSimpson/Empics)
City, whose wage bill rose from £24million to £35million during last season, splashed out huge transfer fees on Nicolas Anelka and Robbie Fowler in the year ending May 31 and were rewarded with a ninth-placed finish.
The figures will raise eyebrows, coming only days after Premiership rivals Leeds announced record annual losses of £49.5million and overall debts of £78million, but City's managing director Alistair Mackintosh explained the debts were secured against the club's new City of Manchester stadium.
He told the Manchester Evening News: 'The debt is well-structured. Leeds' situation was different because there was no new stadium and the players were the security.'
City made operating profits of £1.7million against losses of £5.9million in the previous year. However, pre-tax losses rose from £13.9million to £15.4million as a result of player trading.
Their overall debts increased from £30million after chairman John Wardle and his business partner at the JD Sports group, David Makin, made a loan of £10million to help fund signings. Existing debts were also refinanced.
Turnover for the year increased by 75% from £28million in 2002 to £49million this year.
Wardle said: 'The last 12 months have seen significant progression for Manchester City Football Club.
'We emerge from this period of change strong, enthused and well placed to drive the club forward.
'Against a backdrop of a deteriorating transfer market, the decision was taken to continue to invest in the squad.
'This investment paid off handsomely with a ninth-place finish in the Premiership, bringing additional revenue into the club.'
As for the club's future aspirations, Wardle added: 'We continue to push forward on all fronts. We have the basic building blocks in place and we must now look to further improve all aspects of the organisation.'
