Money talking as City slickers top the charts
ETIHAD DELIGHT AS CASH ROLLS IN
The cost of backing Pep Guardiola in his pursuit of domestic and continental domination has been disclosed.
Manchester City released their annual figures yesterday , hailing record revenues of £473.4million — a significant rise of 21 per cent.
however, the wage bill at the etihad Stadium has risen from £197.58m to £264.13m, a substantial hike of 37 per cent.
That puts them ahead of local rivals Manchester United, whose wage bill came to £263.5m when they released their accounts in September, although City’s figures relate to a 13-month accounting period rather than 12. When split over 12 months, that equates to £243.8m — a 23 per cent rise and less than United.
The figures do not include the salaries of summer arrivals Benjamin Mendy, Kyle Walker and Danilo, while high- earners Samir Nasri, Wilfried Bony , Joe hart and Fernando were shifted from the wage bill close to the end of the window. however, officials point to a ‘ healthy’ 56 per cent wage -to-revenue ratio and believe that the club can better a £1.088m profit next year.
They are buoyant about the financial results, which come after the club have made a roaring start to the new campaign under Guardiola.
The figures, which run to June 30, 2017, represent the third year in a row in which the club have posted a profit. City are second only to United when it comes to turnover, with their Manchester rivals posting a figure of £581m last month.
elsewhere in the big six, Arsenal announced turnover of £422.8m. Liverpool’s last figures, announced in March, were £301m. Chelsea ’s latest figures are due next month. Last December their turnover was announced as £329.1m, while Tottenham’s income for the year to June 2016 was £209.8m.
City chairman Khaldoon Al Mubarak said: ‘This report is about making sure our fans and our partners can see the true detailed status of every aspect of the club. What hopefully comes across is that the football organisation and off - field business have the symmetry and balance to allow us to continue to further strengthen and grow.’
Despite a trophyless campaign last year, Al Mubarak believes there were reasons to be cheerful.
he said: ‘T argeted investment in the summer of 2016 in some talented young players, blended together with the existing capabilities in our squad, led to an impressive start to the season and some memorable performances.’
The current season will mark a decade under Sheik Mansour’s ownership.
‘In more than 120 years of club history, this is a relatively short period of time, but it has been one of significant growth, with much learned and much gained on a journey that still has a long way to go,’ Al Mubarak added.
Chief executive officer F erran Soriano sounded a similar note. ‘We are committed to playing beautiful football and to win,’ he said. ‘ Both elements are compatible and the second is a consequence of the first.’