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City owner clears club debt

Manchester City have announced a loss of £92.6m, which has already been wiped out by owner Sheikh Mansour bin Zayed Al Nahyan in the form of equity.

He has also pumped a further £90m of cash into the club just in time for the January transfer window.

The club have however seen their turnover increase by 6 per cent to £87m (2008: £82.3m), in the first year under Sheikh Mansour's ownership.

Operating expenses rose nearly 50 per cent to £121.2m (2008:£83.9m) due mainly to the cost of players' wages.

The club's new found riches have also seen match day attendances rise up to 42,890 from an average of 42,081 in the previous season, with ticketing revenues ahead by £1.8m mainly as a result of the extended UEFA Cup run.

TV revenues were up 12 per cent to £48.3m mainly as a result of the UEFA cup matches, offset partially by a lower league placing.

Revenues from other commercial activities decreased by 8 per cent to £23.3m mainly due to a £4.5m reduction in events revenues, which last year benefited from the UEFA Cup Final, music and boxing events.

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