Man City becomes first PL club to spend £200m on wages
English champions Manchester City has become the first Premier League club to disclose an annual wage bill in surfeit of 200 million pounds after posting a net loss of 97.9 million pounds for the year ending May 31, 2012.
The annual report also revealed a payment of 500,000 pounds compensation for loss of office to former chief executive Garry Cook, who left in September last year following an unsavoury email exchange relating to the cancer-stricken mother of former City defender Nedum Onuoha.
The club increased turnover to 231.1 million pounds, from 153.2 million pounds, and last year's loss of 197.5 million pounds was more than halved, the Telegraph reports.
However, the price of winning the Premier League title last season came at a cost of 201.7 million pounds in wages i.e. a rise of 27.8 million pounds in 12 months.
Manchester City's rapidly growing commercial income rose to 112.1 million pounds from 57.8 million pounds, with the 40 million pounds a year deal with Etihad Airways, incorporating stadium, shirt and campus naming rights and the club's first Champions League earnings sending the figure through the 100 million pounds barrier.
Despite the commercial growth, the financial results show only marginal increases in gate receipts and television revenue. (ANI)