posted on Oct, 29 2004 @ 07:35 PM
Manchester City insist there is no reason to panic despite revealing debts in excess of 62million.
The Blues lost another 16.8million last term, mainly thanks to the on-going cost of player purchases, which wiped out an operating profit of
The increase is bound to be greeted with shock by the City support, who have seen the purse strings pulled tightly shut over the past 12 months
following Kevin Keegan's 50million spending spree aimed at taking the Eastlands outfit towards European qualification.
However, while admitting the club needed to reduce their debt, chief executive Alistair Mackintosh insists measures are in place to do that.
And he pointed to an 26% increase in turnover to 61.9million - despite a 3.6million drop in Premiership merit payments - and a reduced wage to
turnover ratio of 61% in line with Deloitte and Touche's estimates for long-term stability, as evidence they are working.