Why Michel Platini and not a £92.6m loss is the cause for concern at City

The release of the official accounts for the year to 31 May 2009 showed Sheikh Mansour has invested £395m in the club with £305m of loans now turned into shares. The £92.6m loss was the talk of the papers, but the real concern for the City project lies in UEFA’s upcoming financial rules.

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Sheikh Mansour buys final 10% of City shares

The club have announced that Sheikh Mansour has purchased the 10% of the club’s shares that were owned by Worldwide Investments Limited. This was a company indirectly owned by Thaksin Shinawatra and his family. The 10% had previously gone to Worldwide Investments Limited at the time Sheikh Mansour took over.

David Conn writes in The Guardian:

After the takeover Thaksin was widely reported to have retained his interest in the remaining 10% of shares, and appointed as his nominees his long-term associate Jack Srisumrid, a Thai businessman, and the Greek shipping tycoon Victor Restis. Srisumrid, 38, became a City director in August 2007 shortly after Thaksin bought the club. Restis, 41, based in Athens, was appointed to the City board after Mansour’s takeover but is understood to have been a representative of the 10% holding, not of Mansour’s 90%. Both Srisumrid and Restis resigned as directors of City last Friday.

Sheikh Mansour is now the sole owner of the club. Good.