Big-spending Manchester City have reported mammoth annual losses of £92.6 million - a figure which represents the biggest annual loss in English football history.

Khaldoon Al Mubarak: Still ready to buy.In fact, the figures run to May 31, 2009, and do not take into account last summer's transfer dealings in which over £100 million was invested by owner Sheikh Mansour. However, it does include the previous year, when City smashed the British transfer record to bring Brazilian superstar Robinho to the club for £32.5 million.
Another Brazilian, Jo, also arrived (although he has since joined Everton on loan), while Shay Given and Craig Bellamy were among a clutch of top-name players who joined 12 months ago.
City's chief financial and administration officer Graham Wallace said: ''The financial results reflect a period of rapid change at the club, the result of long-term planning and investment by the Board and our owners, to create a sustainable business in the future. We have always said that this transformation will take a number of years and these figures reflect that.''
On a normal business level, there have been areas of growth. Turnover increased by six per cent to £87 million, attendances rose to 42,890 from an average of 42,081 in the previous season, with ticketing revenues ahead by £1.8 million, mainly as a result of the extended UEFA Cup run. Television revenues also rose by 12% to £48.3 million, also as a result of UEFA Cup performance.
However, the figures represent a massive change at the club. While City's playing squad is the obvious example of money being poured in from Abu Dhabi, there have been other, less noticeable costs.Mark Hughes' demands to substantially improve the Carrington training ground were met. There were additional infrastructure costs, website and technology applications and staffing levels also went up.For Sheikh Mansour and chairman Khaldoon Al Mubarak, these were essential in the growth of what was a middle-ranking Premier League outfit to one, by their own admission, which is expected to secure a top four spot this season and win the title - for the first time since 1969 - next.
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Figures reveal Sheikh Mansour has poured £395m into Manchester City
Sheikh Mansour bin Zayed al-Nahyan has invested £395m in Manchester City since buying the club in August 2008, it has been revealed.That huge and rapid expenditure is recorded in a document filed at Companies House on Christmas Eve, showing the cancellation of £305m which Mansour initially put into the club as loans. That includes some debt Mansour inherited when he took over the then stricken club from the former prime minister of Thailand, Thaksin Shinawatra, and his expenditure since on players including Robinho, Craig Bellamy, Nigel de Jong, Shay Given, Wayne Bridge, Gareth Barry, Roque Santa Cruz, Joleon Lescott, Carlos Tevez, Emmanuel Adebayor, Kolo Touré and other investment in the infrastructure at Eastlands.
According to the document, all £305m of the loans from Mansour's Abu Dhabi United Group were cancelled in return for new shares in the club. Mansour's group also bought further shares for £89.6m, to finance City's hugely increased wage bill and other expenditure this season. City last night released figures from their official accounts for the year to 31 May 2009, which includes the first nine months of Mansour's ownership. The club recorded almost a tripling of the previous year's loss, to £92.6m, caused, it said in a statement, "primarily by increased playing staff costs". Mansour's City, like Roman Abramovich's Chelsea, are promising that overspending and losses on this scale will not continue indefinitely, and the club will ultimately become sustainable. However, City will not put a date on that target. The losses are certain to continue into this year, because following the rush of summer signings the wage bill will far exceed the £82.6m it was understood to have risen to by 31 May last year. Mansour's more recent £89.6m investment for shares will partly absorb this year's losses.The financial figures provide some more context to last month's sacking of the former manager Mark Hughes and his replacement by Roberto Mancini, which was widely criticised for being too quick, and clinical. Crucial to the aspiration of breaking even is to reach the increased money which accrues from finishing in the Premier League's top four and qualifying for the Champions League.
Graham Wallace, City's chief financial and administration officer, said the figures reflect "long-term planning and investment, to create a sustainable business in the future". He described the decision to convert Mansour's loan to shares as "in line with [the owner's] previously stated financial strategy", adding that City are "on a secure financial foundation that gives a tremendous platform to build from in future years".
Hart's wages on the up
MANCHESTER CITY are ready to hand keeper Joe Hart a double-your-money pay rise - despite the likelihood of him playing for another team again next season.
Hart is on loan at Birmingham for this campaign and has been in such impressive form that many are tipping him to gatecrash England's World Cup squad. City are adamant he remains a key man in Roberto Mancini's plans, despite Shay Given's role as Eastlands' undisputed first choice. And now they plan to back it up by boosting Hart's wage packet to around £50,000 a week, a rise that will bring him in line with other young stars like defender Micah Richards, 21. Birmingham want Hart, 22, back at St Andrew's again next term and his pay hike would see them having to stump up another £600,000 to get him. There is no question of Hart, who only signed a five-year deal 14 months ago, being allowed to leave on a permanent basis as he is viewed as the eventual long-term successor to 33-year-old Given. City reckon the youngster is worth more than £10million but have made positive noises about another loan, with the prospect of regular action for the England rookie. Brum boss Alex McLeish has a £40m war chest for the transfer window and again in the summer, while the club is also ready to relax its strict pay structure.
Roberto Mancini trying to tempt Manchester United old boy Juan Sebastian Veron to Eastlands
The ex-Manchester United midfielder is said to be mulling over a £130,000-a-week contract to play under Roberto Mancini, his former team-mate, at Eastlands. Veron, now captain of his hometown team Estudiantes in La Plata, played alongside Mancini at both Sampdoria and Lazio.
La Plata newspaper Hoy claims that the new City boss has directly approached Veron with the intriguing offer. It is reported that Veron initially dismissed the thought of returning to the Barclays Premier League, where he endured a disappointing six-year spell with United and later Chelsea, following a £28m move to Old Trafford in 2001. However, he has been asked to reconsider because the fee is so high that it is would pay for Estudiantes new stadium to be completed and is the equivalent of 10 years of operating losses for the Argentine club.
The 34-year-old last week retained the award for the South American Player of the Year, marking a stunning Indian Summer for Veron. After leading Estudiantes to glory in the Copa Libertadores in July, he was named the most valuable player in the tournament, which is South America's equivalent of the Champions League. Veron was also a fixture in Diego Maradona's limping march to next summer's World Cup finals and is expected to be in Argentina's starting XI at South Africa 2010, despite being a critic of the boss.
althou according to Sky the former Rag bastid has turned us down ...
Juan Sebastian Veron has revealed that he has snubbed an offer from Roberto Mancini to join Manchester City.
The 34-year-old former Chelsea and Manchester United midfielder is enjoying a renaissance at Estudiantes and was crowned South American Player of the Year last year.A number of European clubs have looked to entice him back, and Veron has revealed that Mancini made him an offer. However, the Argentine star has snubbed the chance to link up with Mancini - who he played with at Sampdoria and Lazio - in order to remain with Estudiantes."It's not a fact of money. First of all is the family, and second, I have made a decision and I want to respect it, that is what I feel and Estudiantes is the place where I feel comfortable," said Veron. "If I would have accepted this offer I wouldn't have been true with my convictions, with myself and with the people." Veron's agent Miguel Pires went into detail about City's offer."Veron said to me that he received a phone call from Mancini and that he had offered him £7million and the same to Estudiantes for a one-year contract," he revealed. "In addition, that amount would have been duplicated if he would have continued at Manchester City during 2011."
TRANSFER BOLLOX
Arsenal manager Arsene Wenger will launch a £9m move for West Ham striker Carlton Cole if Nicklas Bendtner fails a fitness test on Friday. "If Bendtner is out for another two months we will need to buy someone, absolutely," admitted Wenger.The Sun
However, Arsenal are set to lose highly-rated Spanish midfielder Fran Merida, who has snubbed a new deal at the Emirates and is set to join Atletico Madrid. Daily Star
The Gunners are battling it out with Manchester United for Cardiff City's 17-year-old defender Adam Matthews, who is seen as one of the best prospects outside the Premier League. The Sun
Manchester United defender Nemanja Vidic has played down suggestions he will leave the club for Real Madrid, insisting he has "a marvellous understanding" with manager Sir Alex Ferguson. The Sun
Bolton are prepared to cash in on £15m-rated defender Gary Cahill in order to provide prospective new manager Owen Coyle with substantial funds during the transfer window. Daily Mirror
Tottenham have renewed their interest in Miguel Veloso after seeing the Sporting midfielder score in the Portuguese Cup win over Braga. The Times
Andrea Dossena's agent claims a deal to take the Liverpool defender to Napoli is all but done. "I believe the player will arrive in Napoli tomorrow," Roberto La Florio told Tuttomercatoweb.
(Press Association)
Liverpool have turned down Birmingham's £9m bid for winger Ryan Babel, as the price falls short of their £12m valuation.
Full story: Daily Mirror
Wigan boss Roberto Martinez is ready to swoop for Sporting Gijon left-back Roberto Canella - and open the door for Maynor Figueroa to be sold.Daily Mirror
Midfielder Kevin Kilbane and striker Jan Vennegoor of Hesselink are heading out of Hull as the Premier League strugglers attempt to cut costs.Daily Star
Blackburn are prepared to listen to offers for striker Benni McCarthy who has told Rovers manager Sam Allardyce he would like to leave Ewood Park.The Sun
Wolves are on the trail of £2m-rated Derby winger Kris Commons. The Sun
Derby boss Nigel Clough wants Bolton's out of favour right back Nicky Hunt on loan. Daily Mirror
WAG OF THE DAY - Kate Lawler

http://www.thespoiler.co.uk/index.php/2 ... ate-lawler
OTHER BOLLOX
Burnley have put manager Owen Coyle on gardening leave until Bolton agree to pay them £3m in compensation to take him to the Reebok. The Clarets released a statement yesterday saying Coyle had requested to leave Turf Moor to join the Trotters.The Sun
Hibernian's John Hughes is an early candidate to replace Burnley manager Owen Coyle, who is poised to take over at Bolton. The Guardian
Portsmouth will have to sell some of their stars to avoid becoming the first club in Premier League history to go into administration, with defender Younes Kaboul likely to be the first to leave in a £5m switch to French side Lyon. Daily Mirror
West Ham and Millwall face the threat of ground closures when the two clubs answer Football Association charges on Wednesday brought after violence marred a Carling Cup clash between the sides last August. Daily Mail
Liverpool striker Fernando Torres is putting in up to five hours extra training a day in order to boost his fitness so he can last the season. "One of the reasons I'm working really hard is because I know in this situation Liverpool need every player fit," said Torres. The Sun
More bollox soon ...