Last week Manchester City announced a loss of $157M for the year to May 2012. Most of the headlines focused on the reduction from last year’s record setting loss of $320M (exchange rate of 1.61 used for both).
Few articles pointed out that over the last four years of ownership by the Abu Dhabi United Group Manchester City has racked up cumulative losses of over $800M.
Even fewer pointed out that although the annual loss has been cut by 50% the club is even further from a sustainable business model than it was at the end of the 2009 financial year.
The spin from the Manchester City hierarchy was both predictable and echoed past years.
“A further step… to read more please click on the link.
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