Man City is confident it "will be in full compliance with UEFA financial rules by the end of this season following the publication of their yearly accounts," according to Chris Bascombe of the London TELEGRAPH.
The club’s revenues rose to £347M in the last financial year -- a record for Man City -- while its losses "were halved over the same period." Man City Chair Khaldoon Al Mubarak believes these figures "represent a significant milestone in the financial history of the current Premier League champions as they demonstrate a more sustainable financial model."
After years of "heavy spending in order to build the squad and establish an infrastructure on and off the pitch, City are now budgeting in anticipation of profit" -- and believe they are fulfilling the long-term financial plan set out by the Abu Dhabi owners back in '08 (TELEGRAPH, 12/3). The PA's Martyn Ziegler reported City's 28% revenue increase is due to "finishing as Premier League champions, the bumper new TV deal and commercial income rises." City's overall losses have halved to £23M -- of which £16M "was the fine imposed by UEFA last season for FFP rule breaches and does not count toward this year's calculation." The results also show Man City is "no longer the club with the biggest wage bill in the Premier League" -- it is now second on £204M behind neighbors ManU's £214.8M (PA, 12/3). In London, Ian Herbert reported the results "do not include the lay-out on Fernando, Eliaqiuim Mangala, Willy Caballero, Bacary Sagna and Frank Lampard." But City, which will next week reveal its new City Football Academy that brings together the club’s training facility and youth players into one venue adjacent to the Etihad Stadium, has "brought the wage bill down" from £233M to £205M and says of speculating to accumulate as a business appears "to be in the past" (INDEPENDENT, 12/3). Man City's commercial revenue was up 16%, broadcast revenue rose 51% and matchday revenue was 20% higher (FINANCIAL TIMES, 12/3).
