The Colour of Money

2001-2007

A huge financial gamble to try and secure City’s Premiership status resulted in three relegations and two financial collapses in the space of six years.

The club was committed to lengthy and lucrative contracts it simply could not afford. Without the television income of the Premiership the clubs finances came under severe pressure. City’s Italian star Benito Carbone was on a staggering £40,000 a week – twice the cost of a house near the ground!

On top of the unsustainable wage bill virtually all the fixtures and fittings at Valley Parade had been sold to leasing companies – right down to the seats the fans sat on. Even the captain David Wetherall had been bought by a finance company was leased to the club!

During the summer of 2002 only a last gasp rescue deal headed by Julian Rhodes saved the club from closure. However, only two years later City again collapsed into financial administration with debts of £34m. Against such a bleak backdrop, it was no surprise when City were relegated again. It was a somber end to the club's season.

Over the summer of 2004 City fans raised a magnificent £250,000 to keep the club in business. City struggled on, steadily reducing their debts, but living on a hand to mouth basis. In January 2007 leading scorer Dean Windass was loaned to Hull City and the savings used to pay a tax bill. A few days later popular winger Jermaine Johnson was sold to pay the wages for the remainder of the season. From a comfortable midtable position City were plunged into a relegation fight they could not survive.

Six years after starring in the Premier League City found themselves relegated to the bottom division of the Football League. It was a spectacular fall from grace.

Home, Early Days: 1880-1910, The Glory Fades: 1920s-1940s, Rock Bottom: 1950s-1970s, Triumph and Tragedy: 1980s-1990s, Premiership and Beyond: 1998-2003, The Great War, Glorious 1911, 11th May 1985, Valley Parade, Contact Us