Neville defends spending millions on Salford despite club losing £91k per week

Gary Neville, one of the co-owners of League Two side Salford City, has defended the club's spending policy in the wake of criticism.

Last month it was revealed that the club's parent company, Project 92 Limited, lost more than £4.7m last year - equating to an average of £91,000 per week. Project 92 Ltd was formed by ex- United stars Neville, his brother Phil, Ryan Giggs, Paul Scholes, David Beckham and Nicky Butt. Each of the six former players, together with Singaporean business magnate Peter Lim, own the League Two club.

Speaking to Sky Sports live before today's game at home to Mansfield Town, Neville said: "We've invested enormous amounts of money in the last seven or eight years. But it's all myself, David, Ryan, Paul, Nicky, Phil and Peter.

"Peter owns 50 per cent, we own 50 per cent. We've put lots of money in ourselves. We've chosen to do that. I'm not against owner funding. We put it in at the start of the season. The club is obviously robust in that sense.

"We only spend the money that we have. It is a lot of money to lose but we've come up from step eight and had to spend millions and millions of pounds on this stadium. And we knew that was going to happen at the very beginning. We do one day long for sustainability at the club.

"But we're trying to build a fanbase in a city that's not had a Football League club ever. It's new to us.

"We could spend our money on other things. If we were driving fancy cars and doing all sorts of things with our money people might complain as well. But we've put it into our local football club and it's significant capital from ourselves, the class of '92."

Neville also responded to claims that the losses meant promotion this season needed to be achieved in order to allay financial concerns.

He refuted that, adding: "The money that we put in is manageable between the seven of us. We're comfortable with our position. There's no financial pressure (to get promoted), but there is sporting disappointment."

In terms of wages, City's wage bill increased by 10 per cent from the previous year. It shows for every £100 of income they are spending £143 on salaries. Since the purchase of the club the former United stars have invested heavily, transforming the club's infrastructure, turning them professional and guiding them into the EFL in 2019.

Monday's 2-2 draw with Mansfield means Salford are unable to qualify for the play-offs for the third consecutive year since being promoted.