Manchester City Announces Record Revenues
Manchester City has announced the club’s third consecutive year of profit and a ninth successive year of improved financial performance for 2016/17.
In the 2016/17 annual report, the club has revealed record revenues of £473.4m, a 21% increase from the previous year, which also breaks the £400m barrier for the first time the City’s history.
A profit of £1.088m 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 1st July to 30th June year end in order to better align Manchester City FC’s financial year with City Football Group’s growing number of reporting entities.
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, chairman Khaldoon Al Mubarak observes the revenue growth moving “towards the £500m mark” and reiterates the club’s long held position that “on-field success and financial sustainability must exist hand-in-hand.”
He also added that Manchester City “still have a long way to go” after 10 years under Abu Dhabi ownership.
Chief executive officer Ferran Soriano added: “We are committed to playing beautiful football and to win. Both elements are compatible and the second is a consequence of the first.”
The report also highlights the achievements of Manchester City’s treble-winning women’s team, which Khaldoon Al Mubarak describes as “an outstanding achievement” that has established the team as a “major force in the game”.
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