My point was that a club being run as a club, with income and expenditure and having to balance these two, is a different prospect from a club funded by an owner with indefinite money.
United is just like any other business. If our income severely decreases and our expenditure increases we'll go bankrupt. Or at the very least it will stop all investment in the squad, and we'll naturally decline, with the result of our income taking a further hit.
Also transfer spendings are decided by our income, we don't have an owner that will put his own money in, either through direct injection or souped up sponsorship deals. In our owners take out money from the club through dividends.
That is the point though, United’s a mature business that is more likely to pay divedends to its owner.
You can not expect someone to earn sustainable similar divedends from a smaller company.
You are repeatedly ignoring to discuss the business model, by discussing annual income and ignoring Enterprise Value, as if there is no value in what Mansour is doing.
I am not going to present a deep financial analysis, but in a conservative layman summary, City’s accumulated losses since the takeover is less than 600M. For avoidance of doubt, I am going to add the Etihad campus cost of 200M, and another 100M taking it to a toal investment of 900M.
Mansour already sold a 13% stake to China for 265M, funding City’s international businesses wich all contributes to the overall asset value.
The sale valued City at 2B, a valuation also shared by Forbes and KPMG.
If Mansour was to exit today, without a premium, and in fact with 90% of the current valuation, he would still make 75% return on his investment in 10 years. That is better than average annual returns from rental yields, bonds, and stocks (4-6%)
Now it all comes down to your “souped up sponsorship deals” reference, as mentioned by many others posters.
City’s Etihad deal to revenue ratio is 8%, less than United and Liverpool (10%), Chlesea (12%), and Spurs (16%).
How can anyone claim City is reliant on that deal is beyond me.
The business is there, but everyone will keep ignoring it and talk about the same myths.