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Bold Bernstein defends City's essential gamble

The Maine Road mantra is strong but sensible investment. Alex Hayes on the survival battle which has already started

Sunday 21 July 2002 00:00 BST
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All summer long, the talk in Manchester has been of the blue half of the city. Along with Kevin Keegan's return to the top flight, the big-money signing of Nicolas Anelka and the impending opening of their future home – The City of Man-chester Stadium, where the Commonwealth Games will be held from Thursday – the club have also secured the services of one of their rivals' legends, Peter Schmeichel. And then, just as you were beginning to think that Man City were hogging the limelight, along came the Rio saga.

Living in the shadows of United has become a fact of life for Manchester's "other" club. It seems that no matter what City do, or who they buy, their neighbours will always end up trumping them. And yet there was no sign of panic or jealousy at Maine Road last week, as the club's chairman of four years, David Bernstein, spoke enthusiastically about the coming season. "I think Man U are a great club," he said, "but I'm definitely not obsessed with what they're doing. We don't feel any urge to be like them. We have our own ambitious plans."

Should the Rio Ferdinand transfer go through, Sir Alex Ferguson's club will once again dominate the headlines but, before last week, Keegan was doing all the buying. In fact, you could have been forgiven for thinking you had been transported back to the Seventies this summer, as the two Cities, Manchester and Birmingham, spent more money than any other Premiership club.

The question, though, is whether such hefty investments are wise in the current financial climate. With the likes of Derby County and Leicester City said to be in serious debt, is spending big not an irresponsible gamble? "No, I don't think so," Bernstein said. "The truth is that we are playing, in financial terms, for very large stakes, so we have little choice. The difference between a First Division and a Premier League income is enormous at the best of times, but in our case, it's even greater. We have a new 55,000-seater stadium to move in to next season, which, combined with the TV revenues we can expect, will move our income from £27m to £60m per year. We simply cannot afford to be outside the top flight for the next two years."

In other words, Bernstein and the Man City board have come to the conclusion that this investment is a chance worth taking. "It's very much a case of damned if you do and damned if you don't," he said. "You have to be bold to survive, and, while buying doesn't give you any guarantees, I believe it is a calculated gamble. The First Division is definitely not the place to be at the moment, so we've brought in the right sort of players to keep us up. But we haven't spent quite as much as some people have suggested.

"The Anelka deal, for example, is cash plus a player [Aliouné Touré] in part-exchange, and the repayment is spread over many years. As for Marc-Vivien Foé, he is on a year-long loan from Lyon, while Schmeichel is a free transfer. That means that our cash-flow effect is much less severe. It might look like we've been crazy, but the finances are, in fact, under control."

Bernstein's own house may be in order, but he admits that the game cannot afford to be complacent about the spiralling costs and debts. "I am fully aware that the situation in the Nationwide Leagues is very serious," the youthful- looking 59-year-old said, "and I feel we got out just in time. It's very tough down there. I don't envy anyone in that situation.

"Of course, I would like there to be more protection for clubs, as well as a better level of communication between chairmen, particularly in the Premier League. The reality, though, is that the more successful clubs are looking outside the Premier League all the time. Those Champions' League clubs are as concerned, if not more so, about their standing in Europe. That's why you have to worry about your own club first and foremost."

Ultimately, Bernstein feels relaxed about his club's spending spree. "Firstly, we had made a promise to Kevin when he took over," he said. "Kevin asked for certain things, which we thought were perfectly reasonable, and, having shaken on it, I felt I had to honour my commitments."

That sense of duty extends to the club's loyal fans. "I simply could not justify us not adding to the squad," Bernstein said. "We had to learn the lessons of our previous promotion and relegation [in 2000-01, when Joe Royle's team achieved back-to-back promotions from the Second Division but went straight back down after just one season in the top flight], when it became clear that if you do not invest or your squad does not have sufficient depth in quality, then the Premier League is a very dangerous place to be. The fact is that you have to spend to make sure you don't go down.

"We never want to look over our shoulders again. We want to be a force to be reckoned with once more."

Bernstein is very much of the Peter Ridsdale school of chairmanship. Like his Leeds United counterpart, he believes in establishing close links with his manager and supporters. Ridsdale was a director of Burton's Menswear; Bernstein was the chairman of the French Connection Group. Both men clearly know a thing or two about style. As ever, though, only the substance will matter.

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