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Manchester City post $192m loss as wages exceed earnings

02 October 2010 00:18 (UTC +04:00)

Baku â€“ APA. Manchester City, English football’s biggest-spending club, posted a loss of Â£121 million ($191.5 million) in the financial year finishing on May 31, 2010, APA reports quoting CNN.
The club’s earnings of $197m were exceeded by their wages alone, which amounted to $210m.
The loss is the second highest in Premier League history, dwarfed only by the Â£141m lost by Chelsea in 2004-05, the end of the first full year following the takeover by the Russian billionaire Roman Abramovich.
City have spent more than $500m on players since the club was bought by Sheikh Mansour of Abu Dhabi in 2008.
Global superstars like Carlos Tevez, Emmanuel Adebayor, Yaya Toure and Mario Balotelli have all been acquired at great expense as the club chases its first trophy for 34 years.
City finished fifth in the Premier League last season, narrowly missing out on Europe’s Champions League. After a stuttering start to this campaign, the club rose to fourth in the table after a 1-0 victory over defending champions Chelsea on Sunday.
"We are where we expected to be at this stage of the club’s transformation,’’ Sheikh Mansour said in a letter published on City’s website.
"While it must be conceded that we fell short of our ambition for the 2009-10 season, we should not underestimate the importance of the club achieving its best-ever finish in the Premier League."