Player purchases take City's debts to £50m
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Manchester City's debts have increased to £50m after heavy investment in the team saw them retain their Premiership status last season.
City, whose wage bill rose from £24m to £35m last season, splashed out on Nicolas Anelka and Robbie Fowler in the year ending 31 May and were rewarded by finishing ninth.
The figures will raise eyebrows, coming afterLeeds announced record annual losses of £49.5m but City's managing director, Alistair Mackintosh, explained the debts were secured against the club's new City of Manchester stadium.
He said: "The debt is well-structured. Leeds' situation was different because there was no new stadium and the players were the security."
City made operating profits of £1.7m against losses of £5.9m in the previous year. But pre-tax losses rose from £13.9m to £15.4m after player trading.
Their overall debts increased from £30m after the chairman, John Wardle, and his business partner at the JD Sports group, David Makin, made a loan of £10m to fund signings. Existing debts were also refinanced.
Meanwhile, the fund management firm Lansdowne Partners has increased its stake in Manchester United to four per cent from 3.7 per cent.
On the playing front, Manchester City have targeted Norwich City's £3m goalkeeper Robert Green as David Seaman's successor. A swap involving Darren Huckerby, who is on loan at Carrow Road, looks likely.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments