Kieran Maguire: ‘Massive’ losses coming after £151m Man City reveal
City Football Group’s financial losses are coming from New York City – Man City meanwhile are more than pulling their weight.
That is the view of finance guru Kieran Maguire, speaking exclusively to Football Insider about the conglomerate’s group accounts for 2020-21.
CFG, who own 10 clubs worldwide, posted a loss of £151m before player sales in their accounts filed with Companies House last Friday (4 March).
Man City and New York City both won their respective leagues during the accounting period, as did Troyes, Melbourne City and Mumbai City.
But Maguire claims that CFG’s United States-based outpost is responsible for the “massive” bulk of the group’s total losses.
“City are very much independent of this as the mothership,” he told Football Insider‘s Adam Williams.
“Unlike nearly all other teams, City themselves actually made a profit in 2020-21. A massive proportion of these losses have been generated in New York.
“It is costing New York City a lot of money to hire the stadium. They share the one they are in now and the rental costs are very high.
“They hope to have a purpose-built stadium themselves, but finding real estate in New York is challenging.”
Man City recorded a £4.8m profit in 2020-21 and are the only Premier League side not to be in the red for the financial year.
Pep Guardiola’s league leaders are in action against 11th-place Crystal Palace tomorrow night (14 March).
In other news, pundit suggests Man City may be set to for “huge loss” after Bernardo Silva transfer reveal.