City prof­its hit a record

In the money Sky Blues break new ground

The Star (Kenya) - - Sports - BY MIKE KEE­GAN /

Manch­ester City have an­nounced club record prof­its for the 2015-16 sea­son.

In an an­nounce­ment that se­nior fig­ures see as vin­di­ca­tion of the strat­egy set out by the club’s Abu Dhabi own­ers fol­low­ing their 2008 takeover, City re­veal that they made £20.5m (Sh2.54bm) for the year 2015-16.

They also dis­close record rev­enues of £391.8m (Sh48.62bn) – leav­ing them sec­ond only in the Pre­mier League to Manch­ester United.

How­ever, un­like their crosstown ri­vals, who still owe £261m (Sh32.39bn) fol­low­ing the Glazer fam­ily takeover in 2005, City are debt free.

The fig­ures also re­veal the club have also brought their wage to rev­enue ra­tio down to 50 per cent.

It is a far cry from the ac­counts re­leased in 2011, fol­low­ing the ini­tial spend­ing spree which fol­lowed the takeover.

Back then, City post a stag­ger­ing loss of £197m (Sh24,44bn) – a record in English foot­ball - and rev­enue of £153m (Sh18.98bn) which was less than the £172m (Sh21.33bn) they were pay­ing on wages as a host of new tal­ent was brought in to trig­ger an im­me­di­ate chal­lenge for hon­ours.

Last year, City recorded their first profit of the Sheikh Man­sour era, when they an­nounced they were in the black to the tune of £11m (Sh1.36bn)

The lat­est fig­ures cover a year in which the club ex­panded the ca­pac­ity of their Eti­had Sta­dium home from 47,405 to 55,000 and saw a $400m (Sh40.55bn) in­vest­ment from China Me­dia Cap­i­tal Hold­ings which val­ued the club at $3bn (Sh304.1m).

In 2014, City were fined £50m (Sh6.20bn) for breach­ing Uefa Fi­nan­cial Fair Play reg­u­la­tions be­tween 2011-13 but are ex­pected to only have to pay a third of that amount thanks to sub­se­quent com­pli­ance.

Their rev­enue, at £391.8m is up 11 per cent on the £351.8m (Sh43.66bn) posted last year.

Chair­man Khal­doon Al Mubarak hailed the fig­ures and what he be­lieves they rep­re­sent.

“Manch­ester City has now reached a level of sport­ing and com­mer­cial ma­tu­rity that al­lows one to feed the other,” he said, adding that the re­sults il­lus­trate “the vi­sion for suc­cess and sus­tain­abil­ity.”



Manch­ester City’s John Stones waves to fans at full time dur­ing their Pre­mier League match against Ever­ton at Eti­had Sta­dium Oc­to­ber 15.

Newspapers in English

Newspapers from Kenya

© PressReader. All rights reserved.