Manchester City has released its Annual Report for the 2011/12 season revealing that the club’s annual losses more than halved compared to the previous season and that the club’s revenues broke the £200m threshold for the first time.
The report shows a net loss of £97.9m, down from £197.5m in the previous period while the club also revealed annual revenues of £231.1m.
The capital base of the club has also been strengthened through the issuing of £169m in new equity during the year, avoiding debt based funding and continuing to ensure that the club is virtually debt free.
Chief executive officer Ferran Soriano commented: ‘What I have found is a Club on the verge of a historic transformation, reinforced by a genuine commitment to doing things well.
It is a Club with a rich history and the potential for an even brighter future.’
Whilst the 2011/12 financial results represent a further step towards achieving the Club’s objective of long-term sustainability both on and off the field, the application of UEFA allowable reliefs for certain categories of expenditure and investment in 2011-12, position the club well for compliance with UEFA’s Financial Fair Play regulations which come into effect in season 2013-14.
PS: First post published from my Iphone with the WordPress App. Not that easy….