English Premiership

City could face UEFA action

2014-01-29 19:16
Manchester City (Getty Images)

London - Manchester City have announced on Wednesday that they have practically halved their financial losses for a second consecutive year.

City recorded a loss of £51.6 million in the 2012-13 season, down from £97.9 million the previous year and £197.5 million in 2010-11.

Turnover reached a record high of £271 million, up from £231 million, and the 2012 English league champions have also paid off all their debts, which had reached 58 million a year ago.

The figures have left the club confident that they will break even as early as next season, enabling them to comply with European governing body UEFA's Financial Fair Play (FFP) rules.

"Growing revenues and controlled expenses are bringing the club to break-even in the immediate future and profitability thereafter," said chief executive Ferran Soriano.

City will enjoy extra income this season from new commercial contracts and lucrative new English Premiership television rights deals, as well as their successful qualification for the Champions League knockout phase.

In City's annual report, chairman Khaldoon Al Mubarak said that there was a "renewed sense of confidence for the future" within the club.

Under FFP, clubs' losses must not exceed a limit of £37 million for the 2013-14 season, but money spent on facilities and youth development is taken into account when each team's losses are calculated.

Clubs will face fines, the withholding of prize money, transfer bans and even exclusion from European competitions if they fail to meet the regulations.

NEXT ON SPORT24X

 

Read News24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
3 comments
Add your comment
Comment 0 characters remaining
Live Video Streaming
Video Highlights
Sport Talk

Fixtures
19 April 2014
Tottenham Hotspur v Fulham, White Hart Lane 13:45
West Ham United v Crystal Palace, Boleyn Ground 16:00
Cardiff City v Stoke City, Cardiff City Stadium 16:00
Newcastle United v Swansea City, St. James' Park 16:00
Aston Villa v Southampton, Villa Park 16:00
Chelsea v Sunderland, Stamford Bridge 18:30
20 April 2014
Norwich City v Liverpool, Carrow Road 13:00
Hull City v Arsenal, The KC Stadium 15:05
Everton v Manchester United, Goodison Park 17:10
21 April 2014
Manchester City v West Bromwich Albion, Etihad Stadium 21:00
Logs
Team P W PTS
Previous Results

Date Home Team Result Away Team
Vote

Which team do you think will win the English Premiership?

 
 
Featured Blog

The stock of Bulls and Sharks 2014 Super Rugby jerseys are slowly becoming available after the festive season break, writes blogger Baylion.

Latest blogs
 

Twitter Follow Sport24 on Twitter

Newsletters Sign up for the Morning Glory, Super 15 and Soccer newsletters

Blogs Yes your opinion counts. Get it out there

WIN Enter and win with Sport24!

Mobile Sport24 on your mobile phone - WAP, alerts, downloads, services

BlackBerry Stay in the loop on your BlackBerry

iPhone Latest Sport24 news on your iPhone

Facebook "Like" Sport24's Facebook page

TV schedule Plan your couch time with our searchable sport TV guide

RSS Feeds Sport news delivered really simply.

 
There are new stories on the homepage. Click here to see them.