Keith Wyness reveals truth about £210m Man City cash injection
Everton’s former chief Keith Wyness has claimed a new £210million City Football Group cash injection is unlikely to have any impact at Man City. Speaking... The post Keith Wyness reveals truth about £210m Man City cash injection appeared first on Football Insider.
Everton’s former chief Keith Wyness has claimed a new £210million City Football Group cash injection is unlikely to have any impact at Man City.
Speaking on the new edition of Football Insider’s Inside Track podcast, the 66-year-old – who served as CEO at Goodison Park between 2004 and 2009 and now runs a football consultancy advising elite clubs – suggested CFG could be looking at acquiring a new club or shifting ownership of the multi-club network.
A new filing with Companies House (29 November) shows City Football Group have allotted 23,766,185 of Class A Preference Shares to raise a total £210million in capital.
The company, which owns 13 football clubs around the globe, raised a similar amount with another share issue at the end of June.
Man City, who have been accused of 115 financial rule breaches by the Premier League, recorded a profit of £80.4 million in their accounts for the 2022-23 campaign.
The club have recently embarked on a project which will build a new hotel on their Etihad Campus and expand stadium capacity beyond 60,000.
Man City unlikely to be impacted by £210m CFG share issue, says Wyness
Wyness told Football Insider‘s Insider Track podcast: “I’m not sure what this could mean for City.
“I don’t think Man City are close to any PSR limit, as such.
“It could mean CFG are looking at another club they want to acquire. I did notice that most of the shares are going to Silver Lake, one of their biggest investors.
“Maybe it was just a shift in ownership, rather than any big need for money.
“It’s more about shareholders jockeying for position and trying to crystalise assets.
“I don’t think it’s anything more than that.”
In other news, City superstar moaning to teammates about club’s hotels and food.
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The post Keith Wyness reveals truth about £210m Man City cash injection appeared first on Football Insider.
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