Premier League big spenders Manchester City made a staggering £121m loss to May 2009 with total staff wages outstripping their entire turnover, a financial report released by the club on Friday reads.
Its financial accounts are the second highest money loss in Premier League history, with Chelsea totalling a £141m deficit in its first full season under the ownership of Roman Abramovich in 2004-05. It is a very similar model used to the current league champions – investing in building a team at the early stage of new ownership to bring success to the club, and take advantage of television, ticketing and commercial revenue streams.
Manchester City’s Finances
Although the club were taken over by an Abu Dhabi-based consortium led by Sheikh Mansour bin Zayed, its financial report serves a grim example of the vast levels of money spent by Premier League clubs to achieve its objectives. Arsenal manager Arsené Wenger stated in a press conference Friday that a financial fair play system implemented by UEFA as of next year would ensure a level playing field for the bigger clubs. City have spent £300m on player transfers, and in excess of £120m this summer alone, since Sheikh Mansour’s arrival.
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