Sheikh Mansour bin Zayed
Manchester City Owner Sheikh Monsour bin Zayed pulls a Roman Abramovich…
Manchester City last night unveiled their first accounts since the Abu Dhabi billionaire paid £210m for the club in August 2008. They show the Sheikh and his family have turned the club’s massive debt into equity.
City have splashed an incredible £200m on players since the takeover, with the accounts revealing the club ran at an operating loss of almost £100m in the last financial year to May 2009.
That was before former boss Mark Hughes spent a further £100m on players.
more after the jump…
City also revealed that turnover for the year ended May 31, 2009, increased by six per cent to £87m, compared to £82.3m in 2008. The club’s chief financial 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 owners, to create a sustainable business in the future.
“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 the future.”
