Man City announce £197mn loss!
Manchester City have announced the biggest loss in English football history, £197m for the most recent financial year.sports Updated: Nov 20, 2011 01:30 IST
Manchester City have announced the biggest loss in English football history, £197m for the most recent financial year.
The loss on that huge scale, bankrolled by the club's oil-rich owner, Sheikh Mansour bin Zayed al-Nahyan during the third year since he bought Manchester City in 2008, eclipses the previous biggest loss ever made, £141m by Chelsea in 2005, the second year of their ownership by the oil oligarch Roman Abramovich.
City's loss was made principally by buying players to make Roberto Mancini's squad strong enough to top the Premier League, and paying wages of £174m, £21m higher than the club's entire turnover. During the 2010-11 financial year City signed Jérôme Boateng for £10.5m, Edin Dzeko for £27m, David Silva for £26m, Yaya Touré for £24m, Aleksandar Kolarov for £19m, Mario Balotelli for £24m and James Milner for £26m, an extraordinary series of player purchases totalling £156.5m.