Manchester City FC release 2011/12 Annual Report
- 14 December 2012 16:30
- Record annual revenues break £200m threshold for first time in Club’s history
- Annual losses more than halved from previous reporting period
Manchester City has today released its Annual Report for the 2011-12 season. The comprehensive document, which details the achievements across all sections of the Club over the past season, also includes the full financial record for the 2011-12 year.
The annual report is accompanied for the first time by an “At a glance” supplement, designed to give fans and the broader public a concise and visual guide to the Club’s progress in the same reporting period.
This year’s report demonstrates the tangible and positive impact of four years of strategic investment in all operations since the acquisition of the Club by Sheikh Mansour bin Zayed in September 2008.
In the report, Chairman Khaldoon Al Mubarak recognises the historic on field achievements of 2011-12 and the impact on the Club at home and overseas.
He also emphasizes, following the securing of planning permission, the importance of the City Football Academy (CFA) project to the future of the Club and the community in which it resides, calling it “the most significant current initiative to secure the long-term sustainability of the Club’s football operations.”
The report reveals that the Club has more than halved its losses, reporting a net loss of £97.9m, down from £197.5m in the previous period.
Furthermore, the report highlights that annual turnover has broken the £200m threshold for the first time in the Club’s history with the Club achieving annual revenues of £231.1m in 2011-12.
The capital base of the Club has also been strengthened through the issuing of £169m in new equity during the year, avoiding debt based funding and continuing to ensure that the Club is virtually debt free.
Chief Executive Officer Ferran Soriano comments on the very encouraging results and gives his impressions of the Club he joined in September this year, saying “What I have found is a Club on the verge of a historic transformation, reinforced by a genuine commitment to doing things well. It is a Club with a rich history and the potential for an even brighter future.”
He further points out that alongside significant investment in the playing squad, the Club continues to focus on revenue growth.
Whilst the 2011-12 financial results represent a further step towards achieving the Club’s objective of long-term sustainability both on and off the field, the application of UEFA allowable reliefs for certain categories of expenditure and investment in 2011-12, position the Club well for compliance with UEFA’s Financial Fair Play regulations which come into effect in season 2013-14.
To download 2011-12 Annual Report click here
To download 2011-12 At a glance supplement click here