Depressing news from Man City

[Terrier]

Sheikh Mansour converts $488m Man City loans to equity


Premier League club Manchester City said on Wednesday that Abu Dhabi owner Sheikh Mansour bin Zayed Al Nahyan has converted all of his existing GBP304.9m ($488m) shareholder loans made to the club into equity.

Sheikh Mansour, deputy prime minister and minister for presidential affairs, has also purchased further shares to a value of GBP89.6m ($143m) as a measure of his long term commitment to the club, the club said in a statement on its website.

Chief financial and administration officer Graham Wallace said: “The owners' decision to convert debt to equity is in line with their previously-stated financial strategy and is fantastic news for supporters of Manchester City, whose club is now on a secure financial foundation that gives a tremendous platform to build from in future years."


The financial year to May 2009 marked the beginning of a period of significant planned investment in all areas of the club, the statement added.

Turnover for the year ended May 31, 2009 increased by 6 percent to GBP87m, with this increase being offset by a significant increase in operating expenses to GBP121.2m, primarily driven by increased playing staff costs.

This resulted in a net operating loss of GBP34.2m and a net loss for the year after amortisation of player contracts and financing charges of GBP92.6m.

TV Revenues were up 12 percent to GBP48.3m mainly as a result of UEFA cup performance, offset partially by a lower league placing than in the previous year.

Revenues from other commercial activities decreased by 8 percent but this decrease was offset by significantly improved performances in the club's core commercial areas of retail and partnerships.

Costs relating to amortisation of player contracts increased in the year, rising to £39.4m from £25.4m in the previous year and reflecting again the costs of building a new young playing squad. Interest payable and similar charges increased significantly as a result of the increased level of shareholder loans made to the business during the year.

City, who fired manager Mark Hughes and replaced him with Roberto Mancini last month, are fifth in the standings, two points behind fourth-placed Tottenham with a game in hand.

So whilst we're struggling to fund salaries for loan signings, a new Giant has well and truly landed and by all accounts, looks here to stay.

A couple more years and the title will be theirs.

 

[themn]

Yes, but there's more to life than football isn't there ?

 

[Pesam]

[quote author=themn link=topic=38299.msg1027852#msg1027852 date=1262779377]
Yes, but there's more to life than football isn't there ?
[/quote]

Salad?

 

[themn]

[quote author=Pesam link=topic=38299.msg1027856#msg1027856 date=1262779467]
[quote author=themn link=topic=38299.msg1027852#msg1027852 date=1262779377]
Yes, but there's more to life than football isn't there ?
[/quote]

Salad?
[/quote]

Ooh, salad !

 

[El Pistolero]

[quote author=themn link=topic=38299.msg1027857#msg1027857 date=1262779521]
[quote author=Pesam link=topic=38299.msg1027856#msg1027856 date=1262779467]
[quote author=themn link=topic=38299.msg1027852#msg1027852 date=1262779377]
Yes, but there's more to life than football isn't there ?
[/quote]

Salad?
[/quote]

Ooh, salad !
[/quote]

And iphonegirls

 

[the_khl]

[quote author=Redshrek link=topic=38299.msg1027858#msg1027858 date=1262779553]
[quote author=themn link=topic=38299.msg1027857#msg1027857 date=1262779521]
[quote author=Pesam link=topic=38299.msg1027856#msg1027856 date=1262779467]
[quote author=themn link=topic=38299.msg1027852#msg1027852 date=1262779377]
Yes, but there's more to life than football isn't there ?
[/quote]

Salad?
[/quote]

Ooh, salad !
[/quote]

And iphonegirls
[/quote]
link

 

[El Pistolero]

[quote author=the_khl link=topic=38299.msg1027859#msg1027859 date=1262779623]
[quote author=Redshrek link=topic=38299.msg1027858#msg1027858 date=1262779553]
[quote author=themn link=topic=38299.msg1027857#msg1027857 date=1262779521]
[quote author=Pesam link=topic=38299.msg1027856#msg1027856 date=1262779467]
[quote author=themn link=topic=38299.msg1027852#msg1027852 date=1262779377]
Yes, but there's more to life than football isn't there ?
[/quote]

Salad?
[/quote]

Ooh, salad !
[/quote]

Themn do the honours.

And iphonegirls
[/quote]
link
[/quote]

 

[themn]

[quote author=the_khl link=topic=38299.msg1027859#msg1027859 date=1262779623]
[quote author=Redshrek link=topic=38299.msg1027858#msg1027858 date=1262779553]
[quote author=themn link=topic=38299.msg1027857#msg1027857 date=1262779521]
[quote author=Pesam link=topic=38299.msg1027856#msg1027856 date=1262779467]
[quote author=themn link=topic=38299.msg1027852#msg1027852 date=1262779377]
Yes, but there's more to life than football isn't there ?
[/quote]

Salad?
[/quote]

Ooh, salad !
[/quote]

And iphonegirls
[/quote]
link
[/quote]

You should have been here last night mate.

I was spreading the love left and right.

http://sixcrazyminutes.com/forums/index.php?topic=38289.0

 

[Terrier]

Fantastic stadium, fabulous bottom-less budgets.....funk me, can you imagine if he'd have bought us?



We'd be on here night and day fighting over whether Eto or Villa should be our 3rd choice striker and whether Ribbery was worth the 70m we got him in for.

 

[the_khl]

[quote author=themn link=topic=38299.msg1027862#msg1027862 date=1262779750]
[quote author=the_khl link=topic=38299.msg1027859#msg1027859 date=1262779623]
[quote author=Redshrek link=topic=38299.msg1027858#msg1027858 date=1262779553]
[quote author=themn link=topic=38299.msg1027857#msg1027857 date=1262779521]
[quote author=Pesam link=topic=38299.msg1027856#msg1027856 date=1262779467]
[quote author=themn link=topic=38299.msg1027852#msg1027852 date=1262779377]
Yes, but there's more to life than football isn't there ?
[/quote]

Salad?
[/quote]

Ooh, salad !
[/quote]

And iphonegirls
[/quote]
link
[/quote]

You should have been here last night mate.

I was spreading the love left and right.

http://sixcrazyminutes.com/forums/index.php?topic=38289.0
[/quote]

Almost to much iPhone to handle...

 

[themn]

LOL@ the post jack !

 

[Friend no. 2]

[quote author=Pesam link=topic=38299.msg1027856#msg1027856 date=1262779467]
[quote author=themn link=topic=38299.msg1027852#msg1027852 date=1262779377]
Yes, but there's more to life than football isn't there ?
[/quote]

Salad?
[/quote]

You don't win friends with salad..