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