Football
Jonathan Smith, Manchester City correspondent 7y

Manchester City post profit for second straight year amid record revenue

Manchester City have announced record revenues of £391.8 million -- making a profit for a second successive year.

The Premier League leaders have released their annual financial figures that show they made an increased profit of £20.5m in 2015-2016.

Last year, City announced their first-ever profit since Sheikh Mansour took over the club in 2008 and began to invest heavily in the first-team squad.

The club had posted losses of £197.5m in 2010-11 -- the most ever recorded by an English club, followed by £97.9m in 2011-12 and £51.6m in 2012-13 before finally announcing a surplus of £11m last season.

City's income of £391.8m is an 11 percent increase on last year's £351.8m and represents an eighth successive season of improved financial performance.

It was helped by the expansion of the Etihad Stadium, which now holds 55,000, and a 13 percent investment in City's parent company City Football Group by China Media Capital Holdings, which valued the group at $3 billion. Meanwhile, the money spent on wages is now down to 50 percent of turnover.

Chairman Khaldoon Al-Mubarak said in a statement: "The transformation of Manchester City under the ownership of H.H. Sheikh Mansour bin Zayed Al Nahyan has never been anything other than a long-term project.

"We have set ambitious goals and achieved many of them faster than expected in the last eight years, but we have never underestimated the scale of the undertaking.

"Manchester City has now reached a level of sporting and commercial maturity that allows one to feed the other."

City spent heavily in the summer, boosted by a bumper new Premier League TV rights deal which kicked in, with eight players coming in, including England defender John Stones for around £47.5m from Everton and Germany winger Leroy Sane for £37m from Schalke.

But more significantly Pep Guardiola has taken over as the manager and Al-Mubarak says it is an exciting time for the club.

"I believe the 2016-17 season represents the beginning of a critical new phase in the evolution of Manchester City," he added.

"We know that we have the playing, coaching and off-field capabilities at our disposal to achieve great things in English and European football in the years ahead."

^ Back to Top ^