Man City Lose Over £7m In Six Months - 28/02/2007

Manchester City ran up a £7.1m loss in the six months ending November 2006. This compares with a £13.2m profit from last season, but this was boosted by the £21m received from Chelsea for the sale of Shaun Wright-Phillips without which there would have been a comparable loss. Turnover fell by 9 per cent to £25.7m and wage costs rose by 4 per cent, the equivalent of £1.8m. City also point out that one fewer home game was played during the same period last year and the City of Manchester Stadium played host to two fewer pop concerts. Running a higher wage bill this year is a deliberate strategy because of the importance of remaining in the Premiership to reap the benefits of the big increase in television revenue next season. It seems as if City are increasingly favouring the American bid for the club and ruling out that by a British consortium.