Turning losses into a profit

Manchester City halved its financial losses during its run to the Premier League title last season, and hopes to avoid breaching UEFA's Financial Fair Play regulations again.

City on Wednesday reported losses of $36 million in 2013-14, including a $25 million UEFA penalty due to the previous year's losses of $81 million.

City said it expects to make a profit in 2014-15, having slowed the spending initially required to revamp the squad to turn the club into a power after the 2008 takeover by Sheikh Mansour.