Getting back to the Remote's OP, the £39M losses quoted for City were operational losses in the P&L account, and not what was transfered to the balance sheet which is what really matters.
That season (17/18) Tan had the CCS (wholly owned by the club) revalued - I'll quote.............
"At the financial year end, the club obtained an independent professional valuation of the stadium from Savills (UK) Limited. The valuation, on what is termed a depreciated replacement cost basis, was £83.5m compared to its previous value in the accounting records of £54.2m giving a revaluation benefit in the profit and loss account of £29.3m less a related tax adjustment of £2.3m".
As a result of the stadium revaluation, the season's P&L losses for that period were reduced from £39M to around £9M, and Tan's conversion of debt to equity in the same period has further consolidated the club's balance sheet.
The financial benefits of last season in the Prem and the subsequent parachute payments over the following 2 seasons mean that City should be well clear of any FFP loss limits for a while.That is unless Tan is stupid with his money - and I doubt that very much.
