Premier League big-spenders Manchester City have reported a loss of £92.6million, the biggest in British football history.
The figures do not even include last summer’s significant financial outlay during which the club spent £118million on the likes of Carlos Tevez, Emmanuel Adebayor, Roque Santa Cruz, Kolo Toure and Joleon Lescott.
The figures reveal the huge amount invested by Sheikh Mansour since he bought the Eastlands outfit from Thaksin Shinawatra in September 2008.
The figures do include the previous year’s business, when City smashed the British transfer record to bring Robinho to the club for £32.5million.
Another Brazilian, Jo, also arrived although he has since joined Everton on loan, while Shay Given and Craig Bellamy were among a number of big-name players who were brought in 12 months ago.
Since then, Mark Hughes has lost his job and been replaced by Roberto Mancini,who could invest further in January.
City’s chief financial and administration officer Graham Wallace said: “The financial results reflect a period of rapid change at the club, the result of long-term planning and investment by the board and our owners, to create a sustainable business in the future.
“We have always said that this transformation will take a number of years and these figures reflect that.”
On a normal business level, there have been areas of growth.
Turnover increased by six per cent to £87million, attendances rose to 42,890 from an average of 42,081 in the previous season, with ticketing revenues ahead by £1.8million, mainly due to the club’s extended UEFA Cup run. Television revenues rose by 12 per cent to £48.3million, also as a result of Uefa Cup performance.
Ultimately though, the figures represent a massive change at the club.
As well as the influx of new players money has also been spent on the club’s infrastructure.
Improvements were made to the Carrington training ground, while website and technology applications and staffing levels also went up.
Just as Roman Abramovich has done at Chelsea, Sheikh Mansour has turned the £304.9million shareholder loans he made to City into equity.
He has also purchased further shares to a value of £89.6million in a what is termed as a “show of commitment” to City.
“The owners’ decision to convert debt to equity is in line with their previously-stated financial strategy and is fantastic news for supporters of Manchester City, whose club is now on a secure financial foundation that gives a tremendous platform to build from in future years,” added Wallace.