Manchester City suffers six-month loss

English Manchester City announced a loss of GBP 7.1 million for the six months ending November 30, 2006, in comparison to a profit of GBP 13.2 million profit from last season.

The club, which is in talks with several parties over a possible takeover, said the profit last year included GBP 21 million it received for selling Shaun Wright-Phillips to English Chelsea.

Turnover fell by 9 percent to GBP 25.7 million and wages rose by 4 percent, which is equal to GBP 1.8 million.

Manchester City said part of the loss is because the club played one less home game this season compared to the same time period last year, and that the City of Manchester Stadium held two less pop concerts.

The club could make some extra money, though, if it can tie English Arsenal or English Blackburn in a sixth-round FA Cup match and win the prize money.

Club chairman, John Wardle, is aware the club needs to remain in the top flight this season in order to take advantage of the huge increase in television revenue next season.

"It is the board's strategy to run a higher wage bill in this important year for the club," said Wardle.

Manchester City is currently 15th in the Premier League, seven points above the relegation zone, and will play an important match against English Wigan over the weekend.

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