UEFA set to probe City again
MANCHESTER — European football’s governing body UEFA is set to investigate Manchester City and whether the creation of a set of subsidiary companies by the club’s parent company City Football Group (CFG) allowed them to under-report losses for the 2013-14 season, reported the Daily Mail.
MANCHESTER — European football’s governing body UEFA is set to investigate Manchester City and whether the creation of a set of subsidiary companies by the club’s parent company City Football Group (CFG) allowed them to under-report losses for the 2013-14 season, reported the Daily Mail.
The probe is expected to centre on how the reigning English Premier League champions’ extensive network of companies worldwide are shouldering the club’s financial losses.
Of particular attention are two subsidiary companies, City Football Marketing Ltd and City Football Services Ltd, which had operating expenses of £36.7 million (S$74.2 million) in the year to May 2014, and combined losses of £25.9 million. But a City spokesperson said it was a routine “monitoring process” by UEFA.
Last year, City were fined £16 million by UEFA for breaching Financial Fair Play regulations. As part of the sanctions, the club also had to trim their spendings on wages and transfers, and cut the size of their Champions League squad.
City missed the chance to leapfrog leaders Chelsea at the top of the Premier League standings after they were held to a 1-1 draw at Everton on Saturday. AGENCIES