Manchester City Losses Continue Despite Record Turnover

Manchester City have announced today a net loss of £51.6m for the 2012/2013 season, halving their previous £97.9m loss from 2011/2012.

They also revealed annual turnover at £271m, breaking the £250m threshold for the first time in the Club’s history. The Club is also for the first time, operating with zero financial debt having paid off all remaining borrowings. 

In their financial report, Chairman Khaldoon Al Mubarak spoke of optimism and of a “renewed sense of confidence for the future”, noting that on and off field success has “generated significant commercial opportunities for the organisation and underpinned a strong momentum for the years ahead.”

Chief Executive Ferran Soriano added: “Financially, the Club continues to improve. Growing revenues and controlled expenses are bringing the Club to breakeven in the immediate future and profitability thereafter.

“There have also been some changes to the organisation and management structures. Most notably, the new City Football Group (CFG), established this year will now oversee the operations of Manchester City Football Club, Manchester City Ladies Football Club, the newly established New York City Football Club and other potential future initiatives. This structure is designed to ensure that each of these entities can draw upon the world-class football and commercial capabilities that exist within the City family.”

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