Manchester City record massive financial loss

18/11/2011

Manchester City have pledged to reign in their spending after recording a loss of £194.9 million in the past financial year.

The deficit - the largest in English football history - came as the club continued to spend its wealthy owners' money on acquiring new players and currently sit on top of the Premier League, having won the FA Cup last season.

However, in its annual statement, the club said it would be curbing its outlay to adjust to the new UEFA financial fair play rules.

But for those enjoying Premier League hospitality at the Etihad Stadium, this does not mean the club expects its new-found success to be short-lived.

It noted that increased income streams include the extra money from Champions League football, the deal with Etihad for naming rights on the stadium worth £35 million a year, plus higher gate receipts, TV revenues and commercial income.

The last dozen years has seen the club rise from playing in the third tier of English football, with important developments including the move in 2003 from Maine Road to the then-named City of Manchester Stadium, which had staged the 2002 Commonwealth Games athletics events.