Manchester City posted a net profit for the 2014/15 season, marking the club’s first season in the financial green since Sheikh Mansour took over as club owner in 2008.
Last season saw the east Manchester club earn £10.7million as the Premier League leaders’ profits soared, in spite of a £16million fine for failing to meet UEFA’s Financial Fair Play standards.
Since the mammoth takeover by the Abu Dhabi Group seven years ago, the two-times Premier League champions have posted increased revenue every year, posting a record figure of £352million for last season.
In spite of losses, which stood at £22.9million for the 2013/14 season, City’s Chairman Khaldoon Al Mubarak called the Sheikh’s plan ‘a strategy predicated on long-term sustainability and the ongoing development of momentum year after year’.
An increased stadium capacity following construction work to expand the Etihad Stadium from its 47,000 capacity to the current size of 54,000 is likely to see increased profits becoming a more regular occurrence for the club.
Further scheduled expansion to expand to 62,000, which would make the Etihad the second largest stadium in the Premier League after Old Trafford, will also see the club’s financial status settle after initial expenditure.
Chief Executive Ferran Soriano said: “The 2014-15 season marked a historic step in Manchester City’s journey.
“The club delivered annual profit for the first time since its acquisition in 2008, while continuing to compete at the top of the Premier League and in the Champions League.
“Manchester City is now a profitable, self-sustainable club competing at the highest level in world football.
“But we will never be happy with a season without trophies. The priority and the focus of our work is to convert more of these opportunities into titles in the years ahead.”
Manchester City are now valued at £676million, putting the club amongst the most valuable in the world.
Image courtesy of Invincible, via Wikipedia, with thanks
