Manchester City To Reveal Losses Trimmed By Close To $100M
Manchester City is "poised to announce a dramatic" £60M ($97.3M) decrease in its financial losses this autumn, with a possible figure of £100M ($162.2M) in total over the next 12 months, according to Wayne Veysey of GOAL.com. In its forthcoming results, the EPL champion is "expected to wipe" a third off of the £197M pre-tax loss recorded last year, the "biggest ever deficit in English football history." The club is then "set to curtail" its losses by a similar amount at the end of '13. This should trim the overall deficit to less than the £100M mark and "possibly even as low as £80M ($129.8M)." The EPL champion will release its latest set of accounts in November, "which is expected to record a considerably improved financial position in the '11-12 season compared to the previous year." The results will "reflect the benefit of a record-breaking" £40M ($64.9M)-a-year sponsorship deal with Etihad Airways, the £60.6M prize money the club received for winning the EPL as well as the £26.5M from UEFA for its first year participating in the Champions League (GOAL.com, 9/15).