on the defensive:
"The debt is well-structured," said Alistair Mackintosh,
City's managing director. "Leeds' situation was different
because there was no new stadium and the players were the
[financial] security."
Chairman John Wardle said: "The last 12 months have seen
significant progression for Manchester City. We emerge from
this period of change strong, enthused and well placed to
drive the club forward.
"Against a backdrop of a deteriorating transfer market, the
decision was taken to continue to invest in the squad.
"This investment paid off handsomely with a ninth-place
finish in the Premiership, bringing additional revenue into
the club."
As for the future, Wardle added: "We continue to push
forward on all fronts. We have the basic building blocks in
place and we must now look to further improve all aspects of
the organisation."
Just how can a new stadium make any difference? Surely they
haven’t been able to secure their debts on a ground that
they don’t own. Maybe they’ve planted money trees outside
it.