Manchester City's Financial Losses Fall, Financial Fair Play Hopes Rise
Man City on Wednesday released its latest financial results, which showed that losses have fallen by £46.3M to £51.6M for '12-13, according to James Ducker of the LONDON TIMES. The club's "turnover has increased" by almost £40M to £271M and "for the first time they are operating with no financial debt after paying off all of their remaining borrowings." Man City had "yet to provide full access to the accounts before 4pm but it is thought that they now have every chance" of meeting UEFA's FFP regulations, something which "seemed unlikely when they posted losses" of £197M for '10-11, the "largest in English football history" (LONDON TIMES, 1/29). REUTERS' Keith Weir reported "although City's finances are improving," FFP rules "cap headline losses" at £37.1M ($61.4M) over the past two seasons. There are a "series of exemptions for older contracts and money spent on things such as youth development that might help to reduce City's deficit under the rules set out by UEFA." Man City CEO Ferran Soriano said, "Growing revenues and controlled expenses are bringing the club to break-even in the immediate future and profitability thereafter" (REUTERS, 1/29). Click here for the full report from Man City's website.