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You are here: Home / Europe Soccer News / Manchester City gear up to shred off losses

Manchester City gear up to shred off losses

May 21, 2014 by 888Scoreonline

Every big soccer club needs to be backed up by a team of financial experts if it wants to rule not only the field but in the Balance Sheet as well, and this is also a fact that European governing body has laid down several norms off late that restrict any club to spend over the sky just either to lure their favorite payers or to distract opponent’s favorite players. Manchester City, who showed somewhere around fifty million book loss in the last year, is facing a kind of financial crunch this time especially after they were slapped with a sixty million pounds fine for breaching FFP by the European governing body. Financial experts in the Manchester backyard are not only confident but also not afraid of any cash scarcity kind of situation in upcoming summer transfer window and reason is simple: they are the winner of English Premier league hence their market value would surely enhance in next one year when many sponsors would come forward to sign deals with them. Chairman Khaldoon Al Mubarak is the man who spent exaggeratedly over the last two years and for that reason they eventually ended in FFP violating sides. Khaldoon believes their investment days are gone; it is time to enjoy return and not to forget that if they could recoup a part of the losses, UEFA will refund their penalty according to the agreed terms last week.

Accepting UEFA sanction was apparently a well-planned step for Khaldoon who is determined to break even the hoarded losses in the next year itself and then they will enjoy the perks of heavy investments made in the last two years. Literally, there is also a good thing in City balance sheet and that is they don’t have to pay any debt unlike their arch rival Manchester United who is under 350 million of debt. Talking about their plans to handle this loss, highly optimistic Emirati businessman said, “This year, we will break even. Next year, we will go into profitability while maintaining everything. We will keep investing in the club, we will keep investing in youth, we will have a sustainable project, in Manchester and across the board in the City football group.

He added about United, “We have zero debts (unlike United). We don’t pay a penny to service any debts. For me, that is a sustainable model. However, our friends in UEFA seem to believe otherwise.

“They have their view, we have ours. I disagree with their views but we are pragmatic and we will do, as always, what is best for this club. If it means sometimes to take a pinch, we will take a pinch and move on. We know we have the right model and it will not compromise us and the strategy we have started and will continue to implement.”

Filed Under: Europe Soccer News

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