Repeated requests over the past month for Manchester City to explain how they will meet Uefa’s new financial fair-play rules have gone ignored. A quick look at their transfer spending might indicate why.
Uefa rules state that in order to play in European competition clubs must not have losses of more than €45m over the three seasons from 2011-12. Bear in mind that City recorded a turnover of £87m in the 12 months to May last year and that this summer they have spent £126m on new players.
As Arsène Wenger has said, City will not sell many players "because nobody can pay the salaries". If he is right the policy of loaning out players while maintaining their registrations, as with Craig Bellamy’s move to Cardiff, will endure.
So even if City sign no more players, most of the 38 current players will remain on the club’s books, costing City upwards of £75m in amortisation fees alone in the 2011-12 season. If number is close then City’s transfer activity is a time bomb that, even if it buys domestic success, could lead to them being banned from the Champions League.