Record-breaking £194m loss for Manchester City

Manchester City are urging their critics to look beyond the club’s record-breaking £194.9 million loss. City confirmed the figures yesterday, shattering the previous highest loss of £141 million, posted by Chelsea in 2005.

Wage costs alone have risen to £174 million and, in supplying an additional £290.9 million worth of equity, Sheikh Mansour has taken his spending on City since his takeover in 2008 to a staggering £1.3 billion.

Yet, having now followed up Champions League qualification by moving five points clear in the Barclays Premier League, City’s mega-rich owner believes the work to build up the club’s squad has been done.

The commercial spin-offs, increased prize money, greater television revenue and an expanding fanbase leading to greater sponsorship and merchandising income seem certain to follow.

Whether City could ever eclipse Manchester United in this area, which is what would be required for the club to show a profit on the present figures, is open to doubt.

However, the club are clearly on an upward trajectory, which is unlikely to slow in the foreseeable future. “Our losses will not be repeated on this scale in the future,” said chief operating officer Graham Wallace. Chairman Khaldoon al-Mubarak added: “Now that we are witnessing progress, it is more important than ever to redouble our efforts towards achieving our ambition to establish Manchester City as a more successful, sustainable and internationally competitive football club.”