Record profit for

LONDON – Manchester City are beginning to set the ‘benchmark’ for clubs around the world, according to club Chief Executive Ferran Soriano.

City released their annual report for 2021-22 yesterday to reveal record profits of £41.67 million, more than double their previous record.

The club also reported that total revenue for the year reached £613m, an increase of £43.2m. City are now ranked the second most valuable brand in world football according to the latest Brand Finance report, rising above local rivals Manchester United for the first time. “In 2008 we gave ourselves the target of exceeding the benchmarks that had been set by others within football, and in doing so, to also exceed the new standards that we believed leading clubs would achieve in the time it would take us to catch-up,” Soriano said.

Benchmark

“Our aim was clear, to one day be the club that set the benchmark for others.

“The statistics and results show that in many ways we are beginning to achieve our long-term ambition.”

City’s finances were boosted by a £67.7m profit from player transfers after deals including the departures of Ferran Torres, Angelino, Jack Harrison, Gavin Bazunu and Lukas Nmecha.

Manager Pep Guardiola and Director of Football Txiki Begiristain refreshed the squad again in the summer with the arrivals of Erling Haaland, Kalvin Phillips, Manuel Akanji and Julian Alvarez, as well as notable departures in Raheem Sterling, Gabriel Jesus and Oleksandr Zinchenko.

City have won the Premier League title in four of the last five seasons, but chairman Khaldoon Al-Mubarak is targeting a period of further dominance.