Man City record $300m loss

Manchester Citys losses soared to nearly 200 million pounds ($315 million) in the latest financial year amid a lavish spending spree that helped the club end a 35-year trophy drought and qualify for the lucrative Champions League for the first time.Figures released Friday showed the northwest club had net operating losses of 160.5m ($253 million), with the figure rising to 194.9m by adding on additional exceptional charges of 34.4 m.They are the highest losses ever by a British club in a single year, with its staggering wage bill of 174m surpassing that of Chelsea (172m) and Manchester United (152 m).Bankrolled by Abu Dhabi billionaire Sheikh Mansour, City spent heavily last year on improving the squad with world-class players such as David Silva and Yaya Toure and were rewarded by winning the FA Cuptheir first major piece of silverware since 1976.Roberto Mancinis team also finished third in the league to reach this seasons Champions League, which helped entice the likes of Argentina striker Sergio Aguero and France midfielder Samir Nasri in a further outlay of 74m in the offseason. City lead the league by five points after 11 matches as they look to claim a first English title in 43 years.
Click here to read full news..