The English Champions Manchester city has announced an annual lost of £97.9million. Although the given amount is much less than the amount of £197.5million that the club announced last year .
Manchester city announced a turnover of £231.1million in 2011/12 season which was the highest in the club history.This turnover certainly helped Manchester city to transform itself into an elite club of Europe but now the situation is growing worse .
Although the total turn over of last and this year has been diversely affected by the elimination of Manchester city from the champions league but the owners believe that the club is going in the right direction and they are satisfied with the current club ‘s performance.
Chief executive Ferran Soriano said
“What I have found is a club on the verge of a historic transformation, reinforced by a genuine commitment to doing things well.”
“It is a club with a rich history and the potential for an even brighter future.”
Reports show that Manchester city are attaining huge gains in the commercial area but their increase in gate receipts and TV revenue is very minimal .
Interesting thing is that Manchester city overall wage bill rose from £151.6million to £178.1million and their revenue went up from £64.7million to £121.1million because of their growing global exposure merchandise to club tours.