Khaldoon Al Mubarak: Man City 'don't stand still' as club plans to expand Etihad Stadium


Steve Luckings
  • English
  • Arabic

Manchester City chairman Khaldoon Al Mubarak said plans to upgrade the Etihad Stadium were part of the City Football Group's wider expansion strategy, while also talking of his personal joy over plans to honour club legends Mike Summerbee, Francis Lee and Colin Bell.

In February the club announced its intention to extend the Etihad Stadium’s capacity to more than 60,000, sharing concepts with fans and neighbours as they seek to turn the ground, and its surroundings, into a leading global sports and entertainment area.

City are proposing a new, two-tier North Stand (currently home to the Family Stand) with a large single upper tier.

Concept designs also include a covered City Square fan zone with a capacity for 3,000 people. Currently this is an open air entertainment space where music and big-screen entertainment are available free before games.

There are also plans for a club shop, a museum, food and beverage outlets and a hotel — all fully integrated into the work.

“It's very exciting. It's very exciting," Al Mubarak said in a second interview released by the club.

"We've released and unveiled our plans for the development. Every year there's always something new. Because there's always a need to improve and evolve and grow.

"We don't stand still. We never stood still. The Etihad, we started somewhere and every couple of years we will do something, whether it's the Tunnel Club, whether it's the new stands, whether it's the seating. And now we're going to have a wonderful, wonderful development around it that's going to just enhance the whole area, is going to be great for the fans and it's going to bring, I think, positive revenue for the club."

Manchester City are the jewel in the crown of the City Football Group which also includes clubs from the US, China, Japan, Australia, India, Belgium, France, Italy, Spain, Bolivia, Brazil and Uruguay.

Al Mubarak said the Group are "always in growth mode" and that the model is based on continually investing in all assets.

"Because this is about building value and growing value, and it's about reinvesting consistently into this club. It's about redeveloping the Etihad, it's about building the CFA [City Football Academy], it's about building a stadium in New York, it's about building an academy in Girona, it's about building an academy in Palermo, it's about investing in a club in Brazil and taking it to win hopefully and compete at the highest level in South America.

"It's always about growth and it's always about what's the next best thing. And it's always about creating and building true value for this great Group.”

City have just achieved a historic treble of Premier League, FA Cup and Champions League titles with the talk very much on whether Pep Guardiola's current crop might be one of the best teams ever assembled.

But Al Mubarak said that, although all eyes were on the future, it was important City recognise players of the past and honour its history.

Summerbee, Bell and Lee were part of the Manchester City side that won the old First Division in 1967/68 and are part of the club's folklore. The trio are to be honoured by the club with a statue to stand alongside modern club greats Sergio Aguero and Vincent Kompany.

“I've seen the statue and obviously I've been very involved in this because it's something that is very personal for me," Al Mubarak said.

"You have to recognise greatness and you have to recognise the incredible people that have contributed to what we have today. We have a responsibility as caretakers of this great club. And while obviously the statues that have been built so far have recognised the modern-day heroes of Manchester City, what this new statue is going to give is something that I think every City fan I think truly appreciates, which is the great history of this club.

"And it's represented with Francis, Colin and Mike and having them together in hopefully a magnificent piece of art, I think is the least we can do for what they've done. And really leaving that everlasting legacy – always there to remember what this club has; it has an incredible history.”

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Tuesday - 5.15pm: Team Lebanon v Alger Corsaires; 8.30pm: Abu Dhabi Storms v Pharaohs

Wednesday - 5.15pm: Pharaohs v Carthage Eagles; 8.30pm: Alger Corsaires v Abu Dhabi Storms

Thursday - 4.30pm: Team Lebanon v Pharaohs; 7.30pm: Abu Dhabi Storms v Carthage Eagles

Friday - 4.30pm: Pharaohs v Alger Corsaires; 7.30pm: Carthage Eagles v Team Lebanon

Saturday - 4.30pm: Carthage Eagles v Alger Corsaires; 7.30pm: Abu Dhabi Storms v Team Lebanon

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US households add $601bn of debt in 2019

American households borrowed another $601 billion (Dh2.2bn) in 2019, the largest yearly gain since 2007, just before the global financial crisis, according to February data from the New York Federal Reserve Bank.

Fuelled by rising mortgage debt as homebuyers continued to take advantage of low interest rates, the increase last year brought total household debt to a record high, surpassing the previous peak reached in 2008 just before the market crash, according to the report.

Following the 22nd straight quarter of growth, American household debt swelled to $14.15 trillion by the end of 2019, the New York Fed said in its quarterly report.

In the final three months of the year, new home loans jumped to their highest volume since the fourth quarter of 2005, while credit cards and auto loans also added to the increase.

The bad debt load is taking its toll on some households, and the New York Fed warned that more and more credit card borrowers — particularly young people — were falling behind on their payments.

"Younger borrowers, who are disproportionately likely to have credit cards and student loans as their primary form of debt, struggle more than others with on-time repayment," New York Fed researchers said.

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Updated: June 20, 2023, 2:47 PM`