LONDON: Manchester City has announced record revenues of £473.4 million ($620.11 million), the club’s third consecutive year of profitability and ninth successive year of improved financial performance in its 2016-17 annual report, released Wednesday.
The £473.4 million in revenues mark a 21% increase from the previous year and breaks £400 million for the first time in the club's history.
A profit of £1.088 million was posted, despite the club reporting against a 13-month period which had an adverse impact on profitability.
The extended reporting period arises from a move to change the club’s reporting cycle to a July 1st to June 30th year end in order to better align Manchester City FC’s financial year with City Football Group’s growing number of reporting entities.
Commenting on the publication, MCFC 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 organization and off-field business have the right symmetry and balance to allow us to continue to further strengthen and grow.”
In the report, Mubarak observes the revenue growth moving “towards the £500 million mark” and reiterates the club’s long held position that “on-field success and financial sustainability must exist hand-in-hand”.
Despite the men’s team finishing the season without silverware and the disappointment that comes with that, the chairman also reflected on “a season of promise and of some very real highlights” under manager Pep Guardiola, who took charge before the start of last season. And the fact that “targeted 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”.
This sentiment is echoed by chief executive officer Ferran Soriano who points to the fact that while finishing the season empty handed was unsatisfactory, the team showed at periods throughout the season "exactly the type of quality football we want to be playing”. He continues saying, “We are committed to playing beautiful football and to win. Both elements are compatible and the second is a consequence of the first.”
City spent heavily in the summer transfer window on Benjamin Mendy, Kyle Walker, Bernardo Silva, Ederson and Danilo, building a squad that is currently eight points clear at the top of the Premier League table.