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Manchester City have announced record revenues of £473.4 million, making a profit for the third successive year.

Premier League leaders City have released their annual financial figures, which show they made a profit of £1.088m in 2016-17.

Profits are down from £20.5m the previous year but the club said that was because of a change to the reporting period, which saw them cover a 13-month period.

"This report is about making sure our fans and our partners can see the true detailed status of every aspect of the club," City chairman Khaldoon Al Mubarak said.

"What hopefully comes across is that the football organisation and off-field business have the right symmetry and balance to allow us to continue to further strengthen and grow."

City again invested heavily in the squad this summer, with a net spend of around £140m bringing in Benjamin Mendy, Kyle Walker, Bernardo Silva, Ederson and Danilo.

Coach Pep Guardiola could strengthen further in January and has hinted at a possible new left-back, with Mendy ruled out until around April by injury. Arsenal's Alexis Sanchez remains a target.

Jonathan is ESPN FC's Manchester City correspondent. Follow him on Twitter: @jonnysmiffy.

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