City post first profit since 2008
Manchester City have posted a net profit for the first time since Sheikh Mansour bought the club in 2008.
The Premier League leaders’ annual financial figures show they made a profit of £10.7m in the 201415 season.
That is despite having to pay some £16m in fines for failing to meet UEFA’S Financial Fair Play (FFP) regulations.
City, who posted a loss of £22.9m during the 2013-14 season, saw annual revenue grow for the seventh straight year - to £351.8m.
It is the first time the club's revenue has broken the £350m barrier.
Despite match day revenue falling last season, largely due to the club’s early exit from the League Cup and ongoing stadium improvements, City say the club is now valued at £676m.
City also announced they had reduced their wage bill for a second successive year, down to £193.5m compared to £205m for the 2013-14 season.
Manchester United spent £203m on wages last season, while Arsenal spent £192.2m. The most recent figures for Chelsea’s wage bill are £192.7m for the 2013-14 season.
“The 2014-15 season marked a historic step in Manchester City’s journey,” said chief executive Ferran Soriano.
delivered annual profit for the first time since its acquisition in 2008, while continuing to compete at the top of the Premier League and in the Champions League.”
He added: “Manchester City is now a profitable, selfsustainable club competing at the highest level in world football.
“But we will never be happy with a season without trophies. The priority and the focus of our work is to convert more of these opportunities into titles in the years ahead.”
City had accumulated losses of £583m over the past six seasons under the ownership of Mansour, a member of the royal family of Abu Dhabi.
It is estimated Mansour’s family have as much as $1tn (£648m) in overseas assets alone.