By Daniel Shane
CEO says club will comply with UEFA financial fair play rules despite posting $85m losses
Manchester City, the English Premier League club owned by Abu Dhabi royalty, is confident it will comply with financial fair play rules despite lavish transfer spending and huge losses, the club's CEO said on Tuesday.
The team, which was acquired by Sheikh Mansour bin Zayed al Nahayan's Abu Dhabi United Group in 2008, posted a loss of £51.6m ($85.4m) in its latest financial year.
The deficit, fuelled in part by expensive player acquisitions, puts the side in noncompliance with governing body UEFA's financial fair play rules.
However, Ferran Soriano said that he was confident the club would meet the rules for the coming year.
"There are a lot of reliefs that you can take in youth football and all the investments," he said on the sidelines of a Dubai conference.
"I'm not concerned at all," Soriano added.
If clubs go over a cap on losses stipulated by UEFA, they could be banned from the lucrative Champions League.
Manchester City secured the Premier League title in 2011-2012, before losing out to rivals Manchester United the following season.
The club has since replaced former manager Roberto Mancini with Chilean Manuel Pelligrini, and spent millions on new players including Spain's Jesus Navas and Brazilian Fernandinho.
The team, which is sponsored by Abu Dhabi's Etihad Airways, is also planning to expand its Etihad Stadium home ground.
"We have a plan to extend the stadium with two more stands in the north and the south," Soriano, a former Barcelona FC CEO, said.
"There is a lease agreement in the long term. It's done in total co-ordination with the city," he said of the stadium, which is owned by local authorities in Manchester.
I would like to congratulate Sheik Mansoor, for reserecting Manchester City, and making them the team that they are today.
|He has invested a lot of money in his players and therefore if you want the best that is the only way forward, it is like a piece of property or house, or car, if you don't keep them maintained they will collapse.. I am absolutely sure......watch this space within the next five years...Manchester City Football Club and its sponsors Etihad Airways, remember the U.A.E. has only grown from the sands in the last fifty years, people around the world twenty years ago would not know on a world map where the U.A.E. was never mind, the best football clubs (MANCHESTER CITY)
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FORMULA 1,WORLD CLASS TENNIS PLAYERS A.T.P. TENNIS, VICTORY TEAM, MOTOR BOAT RACING, SO CONGRATULATIONS TO ALL THE SHEIKS WHO HAVE WORKED HARD TO PUT THE U.A.E. ON TYHE MAP. WE WANT TO BE THE BEST...................
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