Manchester City report first profits since Abu Dhabi takeover

Manchester City Football Club has released its Annual Report for the 2014-15 season, with the club posting a £10.7m (Dhs 60.6m) bottom line profit, it’s first since the acquisition under his Highness Sheikh Mansour bin Zayed in 2008.

The club reported record revenues of £351.8m, up from £347m, but significantly have cut costs including reducing the wage bill for a second successive year.

Despite match day revenue falling last season, largely due to the club’s early exit from the League Cup and ongoing stadium improvements, City say the club is now valued at £676m. The financial model and the strategic investment is proven to work.

“The seeds of this year’s profit were sown a few years ago and many people have contributed to making it happen”. They deserve to be thanked and recognized.

“It is a strategy predicated on long-term sustainability and the ongoing development of momentum year-after-year. We know this is the continuation of a process that should take us to an even better future”.

Within the report City are at pains to point out that they have zero debt – unlike their cross town rivals who still owe £411m following the Glazer family’s leveraged takeover in 2005.

‘A significant number of young, talented Manchester City players are coming our way and we are hopeful of seeing a few of them in the first team in the years to come’.

Chief Executive Officer Ferran Soriano hailed the opening of the new £200m City Football Academy and the progress of the club’s youth teams. This is a level of ambition that we should not shirk or shy away from.

Manager Pellegrini, tipped for the sack, instead was given a £160m summer transfer budget and a contract extension but Soriano made it clear he must deliver this season with former Barcelona boss Pep Guardiola – who is out of contract at Bayern Munich next summer – continuing to be linked with City.

He added: “The 2014-15 season marked a historical step in Manchester City’s journey”.

“Despite a few strong performances, and a second place finish in the Premier League, the club ended its domestic and European campaigns without a title to show for its efforts”, he said.

The former Premier League champions had lost over £350m in the previous four financial years but had club record commercial, broadcast and overall revenue last season.

Soriano said: “We will never be happy about a season without trophies. It is right to have high expectations”. “The priority and the focus of our work is to convert more of these opportunities into titles in the years ahead”.