City seek stadium name deal to stem losses
Tuesday 15 March 2011
Manchester City have secured permission to sell the naming rights to Eastlands in a move that could dramatically reduce the club's losses. The ground is owned by the city council and the club's board require its authority to sell the name of the City of Manchester Stadium.
Although the council would not comment officially last night it is understood that this permission has been granted. No talks with any sponsor are yet under way. Arsenal raised £100m by signing a 15-year-deal with Emirates in 2006. It is uncertain whether Manchester City could match that figure but any such funds will have a key part to play in the club's attempts to meet Uefa's financial fairplay rules, which come into effect from this summer.
The search for a sponsor will be conducted in a more uncertain economic climate than when Arsenal secured their deal. And because the stadium already has an unofficial name of "Eastlands", the value of the naming rights will be less. Nevertheless, City, who posted losses of £121m last year, have been generously backed by companies associated with Abu Dhabi, especially the Gulf state's official airline, Etihad.
Under the new Uefa rules, which have been enthusiastically pushed through by its president, Michel Platini, clubs who want to take part in European competition have to break even over a three-year rolling period, starting from the 2012-13 season.
Olympic diver has made his modelling debut for Adidas
Latest in Sport
Manchester United official team photo: Antonio Valencia and Anderson pull the funniest faces
Borussia Dortmund vs Arsenal: Five things we learnt, including Danny Welbeck must be more clinical and Hector Bellerin debut
Borussia Dortmund vs Arsenal player ratings: How did Ozil and Welbeck do in Germany?
Borussia Dortmund vs Arsenal: Mesut Ozil given the worst rating possible by German newspaper Bild after poor performance
Colombian women's cycling team kit that makes wearer appear naked is branded 'unacceptable' by UCI president
- 2 Isis release 'Flames of War' video warning Obama of attacks troops could face in Iraq
- 3 Pakistani passenger power forces two politicians off plane
- 4 Say yes to 'no-poo': It's been three years since I stopped washing my hair
Daniele Watts: Django Unchained actress detained by Los Angeles police after being mistaken for a prostitute
Scottish independence referendum: A nation divided against itself
The political class is doing what Hitler couldn’t – destroying Britain
Scottish independence: Nationalist leader Jim Sillars threatens pro-union companies with 'day of reckoning' after independence
Portuguese academic says British are 'filthy, violent and drunk'
Scottish independence: The Queen breaks silence on referendum debate – as think tank warns of £14bn black hole if Scotland votes Yes