By Shane McGinley
Premiership-winning manager signs a $11.6m-a-year contract, club announces
Abu Dhabi-owned Manchester City Football Club has signed manager Roberto Mancini, who masterminded the club’s Premier League triumph earlier this year, to a new five-year contract, it was announced on Monday.
"I am delighted to be able to give all of my efforts to Manchester City for a further five years. The opportunity which exists to build on our recent success is enormous. Manchester City is a fantastic football club, from the owner, chairman, Board and the executive team, through to the players, staff and fans,” Mancini was quoted as saying in an official statement.
"I am very much looking forward to the challenges and excitement ahead," he added.
"Roberto’s managerial credentials have been well-proven in Europe for many years and in leading a team which has won the FA Cup and an unforgettable Barclays Premier League title in successive seasons, his ability to manage in the English domestic game is also undisputed,” added Interim Chief Executive Officer John MacBeath.
The Italian took up the job in 2009 after he replaced Mark Hughes in 2009 and led the club to its first English league championship in 44 years.
The Sun newspaper in the UK estimated that Mancini would be paid £7.5m ($11.6m) a year, making him England’s highest-paid football manager.
The northern English club was bought by Sheikh Mansour Bin Zayed Al Nahyan’s Abu Dhabi United Group (ADUG) in 2008 and his investment of nearly US$1bn saw the club go from underachievers to be crowned Premier League champions 2012.
However, the team’s success has come at a cost. It announced losses of GBP£194.9m (US$307.4m) for the 2010-11 financial year, which represents one of the biggest-ever reported losses by an English Premier League club.