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| Version 2 | Version 3 |
|---|---|
| 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. | 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 href="http://content.mcfc.co.uk/files/2011/MCFC_Annual_report_2011.pdf" >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 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. | 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' | '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. | 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". | 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. | 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. | 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. | 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. | 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. | But wage costs continue to exceed turnover, rising from £133m in 2009-10 to £174m in 2010-11. |
| Abu Dhabi concerns | |
| Although City's results next year will be boosted by the 10-year sponsorship deal with UAE's Etihad, questions have been raised about the £400m agreement. | |
| Etihad is based in Abu Dhabi, which is also the home of Sheikh Mansour, a member of the emirate's ruling Al-Nahyan family. | |
| Concerns have been raised that the deal has been inflated to help City meet Uefa's financial fair play rules. | |
| Liverpool managing director Ian Ayre has said: "Are Etihad, City and Sheikh Mansour related parties? If they are, it's up to Uefa to rule on them." | |
| Arsenal manager Arsene Wenger has also claimed the deal "raises the real question about the credibility of financial fair play". | |
| Uefa has confirmed it is looking at the deal to see if the club is taking advantage of its links with Abu Dhabi to circumvent its strict new financial rules. |