Leaders Manchester City in pound seats

London – Manchester City announced record revenue of £473.4 million and a third consecutive year of profitability as the club’s annual report for 2016/17 was published this week.

Premier League leaders City posted a profit of £1.08, down from £20.5m last year. The club said an extended 13-month reporting period had affected profitability.

A 21% increase in revenue meant that the ratio of wage costs to revenue fell to 56%.

The club is operating with zero debt and chairman Khaldoon al Mubarak said revenue was pushing “towards the £500million mark”.

“This report is about making sure our fans and our partners can see the true detailed status of every aspect of the club,” he said in a statement.

“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.”

Despite finishing last season without a trophy, chief executive Ferran Soriano was satisfied with the team’s progress and potential under manager Pep Guardiola, who took charge before the start of last season.

“We are committed to playing beautiful football and to win. Both elements are compatible and the second is a consequence of the first,” he said. – Reuters