City of Manchester Stadium(credit: Wikipedia
Manchester City have announced a huge loss for the last financial year.
City lost £121m in the year ending May 2010, up from £92.5m, with the club’s £133m wage bill £4m more than their turnover for the 12-month period.
Owner Sheikh Mansour said in a statement: “Two years ago I was fortunate enough to become part of the Manchester City story and I remain grateful for the warmth of the welcome that you have given.
“The ownership of a club like Manchester City, with such a rich heritage and diverse community of stakeholders, carries a unique set of obligations to the fans, staff and broader Manchester community. This is something I do not take lightly.
“Therefore the challenge I set my board and executive leadership team is to develop City so that is one of the most successful clubs both on and off the pitch, but to do so without losing any of the characteristics that make it so special.
“It has been an exciting and busy two years and that is why we are publishing this annual report. It is designed for you the fans, providing a detailed perspective on the progress of your club as a business, as a member of the community and of course as a great sporting institution.
“Two years ago I promised that we would try and listen to your views and keep you informed of progress. I hope after reading the report you feel a sense of pride in just how far we have come.
“I would like to take this opportunity to thank the fans, staff and partners of the club for their ongoing commitment and dedication, and wish the management and players a successful season for 2010/11.”