City chairman thanks Cook
Updated Saturday, 19th November 2011
Manchester City chairman Khaldoon Al Mubarak has praised former chief executive Garry Cook for his work in propelling the Blues towards football's elite.
Although the headline figures in results that were released by City were an overall loss of ?194.9million and wage costs that have spiralled to ?174million, a rise in commercial, matchday and media revenues give some credence to the opinion that they will never post such poor figures again.
And for that, Khaldoon believes Cook deserves praise, saying: "It is important to recognise that much of the work covered in this report occurred under the stewardship of Garry Cook. I want to take this opportunity to formally thank him for his contribution to the extensive transformation of the organisation."
It is easy to see why City are being so strong in defending their present position as the mammoth sponsorship deal with Etihad Airlines, said to be worth ?35million-a-year over the next decade, plus the riches on offer in this season's Champions League, will have begun to impact on City's accounts in 12 months' time.
The Blues are also pointing out that commercial revenue has risen 49.7% to ?48.5million and TV rights, thanks to the club's third-place Premier League finish, winning the FA Cup to end a 35-year trophy drought and a run to the last 16 of the Europa League, has increased 27.4% to ?68.8million.
Overall turnover was ?153.2million, breaking through the ?150million barrier for the first time.
City have also been quite canny in loading a number of 'exceptional items', including the departure of Brazilian striker Jo, onto this year's balance sheet, helping to swell the loss beyond the ?160.5million on normal trading.
Others, such as Emmanuel Adebayor, Wayne Bridge and Roque Santa Cruz remain, which is cited as one of the major reasons why their wage will looks so high.
For all the talk about vast sums being earned at City, the club do not believe the money they are paying to marquee signings such as Yaya Toure and David Silva differs in any great degree to the money Wayne Rooney is making at Manchester United or Fernando Torres at Chelsea.
"Look at the companies (owner) Sheikh Mansour has invested in," a City official said. "He simply does not take on failing businesses. He wants Manchester City to be as financially sustainable as possible. That has always been the situation."