City profits hit a record
In the money Sky Blues break new ground
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.”
‘WHAT I WON’T ACCEPT IS AN OPINION FROM A MAN WHO’S CROOKED AND RUINING THE GAME’ - NEIL WARNOCK
Manchester City’s John Stones waves to fans at full time during their Premier League match against Everton at Etihad Stadium October 15.