SportsMarketing
Manchester
City has reported a £20.5m profit and record revenues of £391.8million in their
latest annual report.
The
figures, announced yesterday, show for the eighth successive season an
improvement in the club’s year on year financial performance.
The
£20.5million figure marks the second consecutive year of profitability for
Manchester City and an eighth successive year of improved financial
performance, with a record total of £391.8million in revenues.
Significant
activities in this reporting period include the opening of the newly expanded
Etihad Stadium, in which attendance records were repeatedly broken, the
investment in City’s parent company City Football Group by China Media Capital
Holdings (CMC), which valued the Group at $3billion, and the change of the
Manchester City badge, driven and influenced by fans.
In
the report, Chairman Khaldoon Al-Mubarak, commends the performance of the men’s
team and women’s first team who won their first WSL League title in September
and qualified for the UEFA Champions League.
The
report also highlights the record number of trophies won by the youth teams as
the club celebrated its first year of being based at the City Football Academy.
More
widely, he speaks of the continued on and off-field evolution of Manchester
City, noting that: “the transformation of Manchester City under the ownership
of H.H. Sheikh Mansour bin Zayed Al Nahyan has never been anything other than a
long-term project” and that “we have set ambitious goals and achieved many of
them faster than expected in the last eight years, but we have never underestimated
the scale of the undertaking.”
Perhaps
most significantly, the Chairman references the 2015-16 season as a turning
point in the club’s evolution, commenting: “Manchester City has now reached a
level of sporting and commercial maturity that allows one to feed the other”,
calling this “the vision for success and sustainability that we have been
working towards since 2008.”
Chief
Executive Ferran Soriano also notes that “long-term financial sustainability
[…] is another well-documented key objective for us and we are seeing
consistent and continued evidence of this in our financial performance.”
Chairman
Khaldoon Al Mubarak concludes his message saying, “I believe the 2016-17 season
represents the beginning of a critical new phase in the evolution of Manchester
City.
“We
know that we have the playing, coaching and off-field capabilities at our
disposal to achieve great things in English and European football in the years
ahead.”
Credit:
FCbusiness.co.uk
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