Manchester City are the first club to have a wage bill (once PAYE and National Insurance are added in) of over £200m a year, but they cut their losses by £100m in 2011-12. The losses of £97.9m are still by far the highest in the Barclays Premier League, but it is still a big reduction in the £197.5m reported last year.
Turnover soared 50 per cent from £151.2m to £231,1m, the fourth highest in the Premier League. The net spend of £69m in the year to 31 May was down from £141m the previous year. However, £169m had to be issued in new equity.
Manchester City are the first club to have a wage bill (once PAYE and National Insurance are added in) of over £200m a year, but they cut their losses by £100m in 2011-12. The losses of £97.9m are still by far the highest in the Barclays Premier League, but it is still a big reduction in the £197.5m reported last year.
Turnover soared 50 per cent from £151.2m to £231,1m, the fourth highest in the Premier League. The net spend of £69m in the year to 31 May was down from £141m the previous year. However, £169m had to be issued in new equity.
Wages increased by £24.5m to £178.2m with the appointment of 90 new staff. Commercial revenue went up from £57.8m to £112.1m and that does not include a lucrative new sponsorship from Nike. Broadcast revenue was up from £19.4m to £88.2m and matchday income from £26.6m to £30.9m.
City are confident that they will be able to meet Uefa’s financial fair play rules. Once relief on infrastructure and youth developments are factored in (£15m), as well as contracts that predate 2010 (£80m), City’s losses are understood to be minimal. They are also expected to get relief from Uefa because they are ‘trending positively’, i.e., moving to get costs under control.