Manchester City Posts Net Profit

14 Oct 2015 | tshego

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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.

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.

Last season also saw matchday revenue fall due to the club’s early exit from the League Cup and stadium improvements, but are now reportedly valued at £676m.

Manchester City chairman, Kaldon Al Mubarak said: “To put things in their simplest terms, we are now a profitable business with no debt and no outstanding restrictions. Our transition to profitability has been a long-planned milestone.

“The fact that we consider last season to be below par is a testament to how far we have come in the last seven years. This is a level of ambition that we should not shirk or shy away from.”