London, Jan 30: English premier League club Manchester City has announced that they have practically halved their financial losses for a second consecutive year, but that is not enough to escape Uefa’s action.
City hopes to pass Uefa’s Financial Fair Play test and avoid a Champions League ban after it increased its revenues by 40 million pound.
It can face fines, the withholding of prize money, transfer bans and even exclusion from European competitions if they fail to meet the regulations.
City recorded a loss of 51.6 million pound in the 2012-13 season, down from 97.9 million pound the previous year and 197.5 million pound in 2010-11.
Turnover reached a record high of 271 million pound, up from 231 million pound, and the 2012 English league champions have also paid off all their debts, which had reached 58 million pound a year ago.
The figures have left the club confident that they will break even as early as next season, enabling them to comply with FFP rules, Sport24 reports.
City will enjoy extra income this season from new commercial contracts and lucrative new English Premiership television rights deals, as well as their successful qualification for the Champions League knockout phase. (ANI)