The figure is second only to Chelsea’s £132.8 million loss posted in 2005.
Bloomberg reports that Manchester City’s owner Sheikh Mansour bin Zayed Al Nahyan also announced he has converted £305 million of loans into equity. Sheikh Mansour has poured millions of pounds into the club to improve its squad and facilities since he bought it in September 2008. In the period after the most recent accounting period, Manchester City have spent a further £100 million on improving its squad.
Manchester City increased sales by 6 per cent to £87 million in the year to end-May 2009.
