City post first profit since 2008

Daily Trust - - SPORT -

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.

“The

club

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.

Andy Mur­ray

Sheikh Man­sour

Jur­gen Klopp

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