Manchester City reports interim profits

The Premiere League club reported a rise in profits for six months ending in November of 2005, due in large part to the sale of midfielder Shaun Wright-Phillips to fellow Premiere League club Chelsea FC. Wright-Phillips, a homegrown talent who came up through the club’s youth system, was sold for GBP 21 million just before the start of the current English season.

In the period, pre-tax profits climbed to GBP 13.23 million, a stark contrast to a pre-tax loss of GBP 8.9 million in the same period the previous season.

Additionally, the club recorded increases in non-football related revenue. The club’s stadium hosted concerts by such big-name rock and roll acts as U2 and Oasis, and also hosted the women’s UEFA Championships in 2005. The club’s conference and banqueting business also experienced growth, with a 34 percent increase in revenue during the period.

Operating losses fell from GBP 5.66 million to GBP 3.29 million in the period. Wright-Phillips’ sale also helped further fund investment in the first team squad and the club’s academy, pay off outstanding installments on players purchased in past seasons, and reduce the club’s borrowings.

Source: euFootball.BIZ © Copyright 2006 - All rights reserved.