Exclusive: Manchester City in £35m bail out
Published 00:00 17/08/08 By By Simon Mullock
Manchester City have been forced to borrow £35million to prop themselves up for the new season.
Sunday Mirror Sport can reveal that the financial picture is so bleak at Eastlands that the cash has been secured against future television money.
The loan was also sealed before the club looked to broker the sales of Vedran Corluka to Spurs and Stephen Ireland to Sunderland in deals worth around £13m last week.
The harsh reality is that when City owner Thaksin Shinawatra appointed Mark Hughes as manager two months ago, executive chairman Garry Cook was prepared to boast that money would be no object.
Now following Shinawatra's refusal to return to Thailand to face corruption charges and his failure to win back frozen assets of £800m, the Blues have gone cap in hand to the bank.
A City spokesman last night said: "Fifteen other Premier League clubs do the same thing."
Hughes has spent the week insisting he will not walk away from the club.
The Welshman spent last weekend blocking the sales of Corluka and Ireland.
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