City’s owners pump another £44m into coffers

MANCHESTER City’s owners have injected a further £44m into the club’s coffers according to documents filed at Companies House.

The huge investment into the club and the surrounding infrastructure by Abu Dhabi’s Sheikh Mansour has now topped £500m since the takeover in August 2008.

Documents filed by Manchester City Ltd show that 20.68 million shares in the company were allotted at a price of £2.12 per share, worth £43.84m. 

Last year equity of £135.8m and £53.2m was issued in this manner, and when added to the conversion of £304.9m in loans to equity in January 2010, the Abu Dhabi United Group Investment & Development Limited, the current sole shareholder of the club, has invested £536m into the business.

Having been English football’s the most heavy spender in the 2009 and 2010 summer transfer windows City appear to be reining-in expenditure ahead of the introduction next year of new financial fair play rules being introduced by European football’s governing body UEFA.

City’s revenue will be boosted in the coming year by around £40m as a result of qualification for the elite and lucrative Champions League competition.

A multi-million pound stadium naming rights deal with shirt sponsor Etihad Airlines is also expected to be announced this summer.