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| Version 1 | Version 2 |
|---|---|
| Manchester City reveals record £194.9m loss | Manchester City reveals record £194.9m loss |
| (40 minutes later) | |
| Manchester City has reported an annual loss of £194.9m for 2010-11, the biggest in English football history. | Manchester City has reported an annual loss of £194.9m for 2010-11, the biggest in English football history. |
| But the operating loss does not include the club's huge sponsorship deal with Etihad Airlines, worth a reported £35m a year, or revenues from this season's Champions League campaign. | |
| Uefa's Financial Fair Play rules, which come into full effect in 2013-14, say clubs must break even over three years. | Uefa's Financial Fair Play rules, which come into full effect in 2013-14, say clubs must break even over three years. |
| However the latest figures fall outside the accounting window for that. | |
| The previous biggest Premier League loss was £141m reported by Chelsea in 2005 - when they went on to win the league. | |
| The scale of City's losses reflect the investments made by owner Sheikh Mansour of Abu Dhabi, who has spent more than £460m on players since taking over the club in 2008. | |
| Since then, City have been transformed into the current Premier League leaders. | Since then, City have been transformed into the current Premier League leaders. |
| Brian Marwood, chief football operations officer at the club, told the BBC: "We know that we still have an awful lot of work to do but I think it's exactly where we said we would be in terms of the initial investment. | Brian Marwood, chief football operations officer at the club, told the BBC: "We know that we still have an awful lot of work to do but I think it's exactly where we said we would be in terms of the initial investment. |
| "Over a period of time we are fully aware we have to be compliant and there's a lot of work going on to make sure that's achieved." | "Over a period of time we are fully aware we have to be compliant and there's a lot of work going on to make sure that's achieved." |
| He added that the club was working with Uefa all the time and was "comfortable" with the governing body's new rules. | He added that the club was working with Uefa all the time and was "comfortable" with the governing body's new rules. |
| 'No repeat' | |
| It is the second year in a row that City has made big losses. In 2009-10, it reported an operating loss of £126m. | |
| But chief operating officer Graham Wallace said the losses "will not be repeated on this scale in the future". | |
| Turnover hit £153.2m, up from £125.1m in 2009-10. | |
| This was driven by a 49% jump in commercial partnership revenue to £48.5m. | |
| Income from television rights rose by 27.4% to £68.8m, thanks largely to the club's third-place finish in the Premier League, winning the FA Cup and a run to the last 16 of the Europa League. | |
| Match day ticket sales were up 8.2% to £19.7m. | |
| But wage costs continue to exceed turnover, rising from £133m in 2009-10 to £174m in 2010-11. |