Tax Payers Subsidising Man City FC

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Tax Payers Subsidising Man City FC

Postby Nick » Sat Jan 15, 2011 1:05 pm

I had always assumed that Sheikh Mansour bin Zayed al Nahyan was a rich playboy indulging in an interest which was costing him dear. It now turns out that he is a very clever businessman, and his interest has been subsidised by the public purse to the tune of £110,000,000 so far with some juicy property deals in the pipeline. This explains why Man City have no fear of the Uefa’s financial fair play rules, City have property to generate their own income, have already tucked away their £110m Govt subsidy and have no risk of being barred from the Champions League from 2013.

The £110,000,000 City of Manchester Stadium was paid for by tax payers and lottery revenue for the Commonwealth Games. The stadium is owned by the City of Manchester Council, who leased the stadium to City from 2003, for 250 years. It cost City around £20m to reappoint the stadium to covert it from athletics to football, taking out the running track, putting in corporate boxes, concession stands and shops. The rent they pay to the council was to be derived from match day income, no money was due if the attendance did not top the 32,000 capacity of Maine Road, while half the price of tickets sold above that level would be paid over, after associated costs had been factored in. However an agreement is in place now to a flat £3m yearly charge - I reckon Blackpool & Wolves would love to be offered the fifth-largest stadium in the FA Premier League and the 12th-largest in the United Kingdom, with a seating capacity of 47,726 for £3m/year!

Smart Property move Sheikh Mansour bin Zayed al Nahyan! And there was me thinking YOU were subsidising US!

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As Tottenham and West Ham put forward proposals for setting up home in the London 2012 Olympic Stadium once the IOC flame is extinguished, it is worth remembering that Manchester City have already pulled off a similar trick following the 2002 Commonwealth Games. And did very nicely out of it too.
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Re: Tax Payers Subsidising Man City FC

Postby Claire » Sat Jan 15, 2011 2:02 pm

Its anothe example of how all this money is spent on creating these fabulous venues without real thought into how it would be used in the long term...Im sure you will have been to the Sydney Olympic site...ghost town... :roll: Obvious difference being that we are a country in financial crisis..
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Re: Tax Payers Subsidising Man City FC

Postby keith » Sat Jan 15, 2011 7:47 pm

And the Athens site which will soon be in a worse state than the old stadium which is 2,000 years older

Hull City have a similar arrangement and pay 50% of tickets above 12,000 so say 10,000 tickets at £15 23 times a year or £1.75 Million ( remember it's 50%), but the city council pay all the bills.

Average electricity bill about £150,000
Water £200,000 PA

and of course the city do the repairs etc so all in all a good deal for the club
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Re: Tax Payers Subsidising Man City FC

Postby NickD » Fri Apr 15, 2011 3:04 pm

Hence the following ditties:

"What a waste of council tax, we paid for your home."

"The council house is never full, the council house is never full, unless you're playing Man United...etc etc"

Still, some would say the ongoing comedy of The Blue Berties is worth the subsidy.
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