BUSINESS: CITY ANNOUNCE PROFITS
English club post Dhs92.2m profit for 2015-16 season
Manchester City have recorded their second annual profit since being taken over by Abu Dhabi’s ruling family and will now enter a “critical new phase” according to chairman Khaldoon Al Mubarak. The English Premier League club – who were taken over in 2008 by HH Sheikh Mansour bin Zayed Al Nahyan – saw profits double to £20.5 million (Dhs92.2 million) in the 2015-16 season. The only trophy the club won last season was the English League Cup, which prompted the replacement of Manuel Pellegrini as manager with Pep Guardiola. City did reach the Champions League semi-finals for the first time last season, losing to eventual champions Real Madrid, but only finished fourth in the Premier League. The response was providing Guardiola with about £169 million (Dhs760 million) to spend on fresh talent in the summer transfer window, including defender John Stones and winger Leroy Sane. “I believe the 2016-17 season represents the beginning of a critical new phase in the evolution of Manchester City,” said Al Mubarak. “We know that we have the playing, coaching and off-field capabilities at our disposal to achieve great things in English and European football in the years ahead.” City, who won the English title for the first time in 44 years in 2012 and then again in 2014, are top of the Premier League after eight games. But they have never won the European Cup and Guardiola faces Barcelona in the Champions League tonight in Group C. City have had an uncomfortable relationship with the Champions League and competition organiser UEFA, which previously restricted the team’s spending and squad size as punishment for breaching Financial Fair Play rules following large outlays on transfers. With limits on how much money can be injected into the club, City have focused instead on generating more cash. City’s best Champions League run
helped to drive revenue up 11 per cent to a club record £391.8 million (Dhs1.7 billion) in 2015-16. City’s Manchester neighbours United last month reported annual revenue of £515.3 million (Dhs2.3 billion).
Manchester City are part of the City Football Group – which also includes teams in Melbourne, New York, Yokohama – and was valued at $3 billion last year when a Chinese consortium took a 13 per cent stake.
‘We have the playing, coaching and off-field capabilities at our disposal to achieve great things.’ – Khaldoon Al Mubarak
CRITICAL: Chairman Khaldoon Al Mubarak believes the next phase is vital for City both on and off the pitch