Media confusion over first Monitoring Period20 November 2011

In the rush to comment on City's recently announced £195m loss, a number of columnists have submitted incorrect copy regarding the duration of the current Monitoring Period.  The error seems to have started in a Press Association article on 18 November and has been included in a number of separate articles, including those in the Guardian, Telegraph and Mail.  To clarify, the current Monitoring Period lasts for TWO years (not three) - clubs must restrict losses to a maximum of E45m over the two years. The UEFA rules state on page 34:

'the first monitoring period assessed in the licence season 2013/14 covers only two reporting periods, i.e. reporting periods ending the first monitoring period assessed in the licence in 2013.' 

Subsequent Monitoring Periods will run for three years - see our attached grid: