Manchester City has announced a net profit for the first time since Sheikh Mansour acquired the club in 2008.
The club released its Annual Report for the 2014/15 season on Wednesday evening, revealing a £10.7m profit for the 2014/15 season. The news comes despite having to pay around £16m in fines for failing to meet UEFA's Financial Fair Play regulations.
Over the last six seasons, City had accumulated losses of £583m under Sheikh Mansour’s ownership and it is the first time that the club’s revenues have broken the £350m barrier, after an annual revenue growth to £351.8m.
City’s overall revenues hit record levels of £351.8m, four years on from reporting a record loss of £195m in 2010-11 following a significant outlay on players and infrastructure projects. It was also revealed that the club had reduced its wage bill for the second successive year, down to £193.5m from £205m for 2013/14.
UEFA lifted the restrictions, along with similar sanctions imposed upon Ligue 1 champions Paris Saint-Germain, in July this year.
“As a result, to put things in their simplest terms, we are now a profitable business with no debt and no outstanding restrictions.”
Chief executive Ferran Soriano added: “The 2014-15 season marked a historical step in Manchester City’s journey.
“The seeds of this year’s profit were sown some years ago and many people have contributed to making it happen. They deserve to be thanked and recognised. We also know that this is not the end, but the continuation of a process that should take us to an even brighter future.”
The club released its Annual Report for the 2014/15 season on Wednesday evening, revealing a £10.7m profit for the 2014/15 season. The news comes despite having to pay around £16m in fines for failing to meet UEFA's Financial Fair Play regulations.
City’s overall revenues hit record levels of £351.8m, four years on from reporting a record loss of £195m in 2010-11 following a significant outlay on players and infrastructure projects. It was also revealed that the club had reduced its wage bill for the second successive year, down to £193.5m from £205m for 2013/14.
UEFA lifted the restrictions, along with similar sanctions imposed upon Ligue 1 champions Paris Saint-Germain, in July this year.
“As a result, to put things in their simplest terms, we are now a profitable business with no debt and no outstanding restrictions.”
Chief executive Ferran Soriano added: “The 2014-15 season marked a historical step in Manchester City’s journey.
“The seeds of this year’s profit were sown some years ago and many people have contributed to making it happen. They deserve to be thanked and recognised. We also know that this is not the end, but the continuation of a process that should take us to an even brighter future.”
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