City worried by UEFA’s tough financial stance
Manchester City could be hit by UEFA’s tougher financial stance, with 23 clubs already having their prize money withheld by Europe’s football governing body. Metro reports.
City, bankrolled by Sheikh Mansour, will have to keep tighter tabs on their spending as European heavyweights; Atletico Madrid, Fenerbahce and Sporting Lisbon are all currently under investigation for failing to state any overdue payments by the end of June.
These clubs have until the end of this month to provide an update on these overdue payments, but will no longer be under investigation once payments have been made in full or a decision is made by the UEFA Club Financial Control Body (CFCB).
Malaga are the only Champions League club to be affected so far, but City will be worried, with their heavy annual losses likely to cost them when the Financial Fair Play regulations come into force.
The regulations begin as of next season and clubs are allowed a £36million loss over the first two-season period- a figure which City are set to rapidly exceed with a stated loss of £197million in 2011.