Manchester, Nov 19(ANI): Manchester City faces a race against time to comply with the Union of Football Associations' (Uefa) Financial Fair Play regulations after posting record-breaking losses of 194.9 pounds million.
Manchester City is confronted with a challenge to adhere to Uefa's guidelines and reduce losses to 38.5 million pounds within three years if it wants to participate in future European tournaments.
Uefa's guidelines, which would apply to all clubs competing in European competitions from the 2014-15 season, aim to reduce the reliance of clubs on wealthy owners.
The City leaders posted their records for the year ending May 31, 2011 amid claims that the club is back on sustainability track.
"We've got a huge amount of work ahead of us to make sure we are sustainable," City Football Administrator said.
Senior City figures, however, that they have consulted Uefa and that the latest financial results would be inevitably bleak.
"As we undertake the club's commercial transformation, we are cognisant of the incoming Uefa financial fair play regulations and consequently we continue to maintain positive and ongoing dialogue with all appropriate football authorities," the Telegraph quoted Manchester City's Chief Operating Officer Graham Wallace, as saying.
"Our losses, which we predicted as part of our accelerated investment strategy, will not be repeated on this scale in the future," he added.
City leaders also expressed confidence that the Champions League tournament, which is expected to generate at least 25 million pounds, will augment its revenue substantially.
They added that the club's increasing global popularity would enable them generate funds to help them comply with the Uefa guidelines. (ANI)
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