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JOHN WARDLE: Blues chairman is pleased with results
JOHN WARDLE: Blues chairman is pleased with results

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City debt cut


28/10/2005

MANCHESTER City have reported a £3.5million operating profit to May 2005.

The results, which take into account Kevin Keegan's pay-off, but not the £21million sale of Shaun Wright-Phillips to Chelsea, are £0.5million down on 12 months ago but have helped slash City's overall debt to £57.7million.

For the second successive year, the Blues have recorded a turnover in excess of £60million, with a slight fall in income being put down to a reduction in revenue from cup games.

The announcement is good news for chief executive Alistair Mackintosh, who had worked tirelessly to increase revenues but has so far failed to attract the kind of big investment chairman John Wardle would welcome.

Mackintosh has succeeded in keeping the wage bill under control, with the overall figure remaining static at £37.7million.

And, with 93% of the current debt not due to be repaid for five years at least and their club riding high under new manager Stuart Pearce, the Blues fans can look forward to the future with increasing confidence.

Strategy

“Our strategy remains to reduce total debt over time whilst balancing the requirements and ambitions of the footballing side of the business,” said Wardle.

“Our baseline football objective remains the retention, consolidation and development of our Premiership status and to that end the last year was successful for Manchester City.

“Our eighth-place finish, missing out on a UEFA Cup place by the narrowest of margins, was beyond our expectations and inconsistent with the indifferent form we displayed over parts of the season.

“The appointment of Stuart Pearce as manager was the catalyst for a change in our fortunes.

“His passion and vigour perfectly compliments the enthusiasm and ambition of our proud football club.

“We enter the next phase of our development focused, determined and optimistic.”

What do you make of the news? Have your say.


| Submit CommentSubmit Comments | View CommentsView Comments(68)


Most recent 2 of 68 user comments

   Is this Chairman and board of this Planet? There is a gilt edged opportunity to bring Millions of pounds into the club without the need to get outside entrapeners involved. We are sitting on an easy solution to our money problems. Arsenal receive 500 Million for the rights to naming there stadium!!! I am fairly sure we could get many millions for doing a simaler deal. At the very least it should be looked at. Many blues I talk to say why havnt we looked at that possibility? It is not too late, and at least it would be a move in the right direction by this weak and utterly useless board we have to put up with. We have to make a move soon over this board,no charisma, a sad lot of individuals indeed. I am so pleased the Manager is giving the young players a chance,S.P.is brave enough to do it, we will reap the rewards in the future. Unfortunately I dont see S.P. being around to see it. He will be lured to a big club with money to spend and a board who will appreciate him, and more importantly a board who will back him all the way.When the executers of the late Steven Bowler decide to make their move in deciding what to do with their shares,it will hopefully be the end of this board we have at present.
Joe Martin, Didsbury
23/11/2005 at 18:18

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   Are there no blues out there ready to question the B#50.000 bonus given to Mcintosh ? It smells to high heavan!!! If anyone deserved a bonus surely its S.P.?? I Am utterly bewildered by it.Our board and chairman are really a hopeless lot, they really are.The chairmans statement for the forthcomming A.G.M. is a nonsense.Not a word of real substance, just stated facts that we are already aware of.He dosnt install any confidence in himself or the board. We very badly need a proper and get up and go chairman and board, this lot will keep us behind the other lot in Stretford forever. Where is the new finance?We are one of the most attractive clubs to investers on the market. Mcintosh has achieved nothing in that depatment. he is a waste of time. His confidence in the blues is shown by him selling his shares. LIkewise Dennis Tuart!!The only member of the boaRD TO hold a substantual number of shares is the chairman. Hence his elevation to Chairman.Mark my words, this lot are no good for City.
Joe Martin, Didsbury
18/11/2005 at 17:16

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