Monday, November 18, 2013

18 November 2011 - Manchester City Pays The Price For Success

On 18 November 2011, Manchester City reported their finances for the previous fiscal year, including the biggest loss in English football history.

City, the 2011 FA Cup champions, were in their third year under the ownership of Mansour bin Zayed al-Nahyan, Deputy Prime Minister of the United Arab Emirates and member of the country's royal family. When he acquired the club in 2008, he pledged to spend the amount necessary to make City a title contender and backed that promise by signing several new players, including Brazilian forward Robinho from Real Madrid in 2009 for a record fee of £32.5 million.

During the 2010-11 fiscal year, the club continued to bring in new signings at a rapid pace, including Edin Džeko (£27M), David Silva (£26M), Yaya Touré (£24M), Mario Balotelli (£24M), and James Milner (£26M). Their total player signings for the year amounted to £156.5 million.

When they announced their financial results in November, their total loss for the year was £197 million, shattering the previous record loss of £141 million set by Chelsea in 2005. They did get results for the expenditures, however, winning the 2011 FA Cup and the 2011-12 Premier League title, their first trophy in either competition since the 1960s.

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