Premier League side Manchester City has announced it has almost doubled its profits to £20.5m in 2015/16.
It marks the second year of profitability for the club, which had earnings of £10.7m last year. In a statement, the club said it had generated record revenues of £391.8m in the year up until 31st May, an increase on the previous year’s figure of £351.8m.
City noted investment in 2015/16, through investment in a 13% stake in parent company City Football Group by China Media Capital Holdings (CMC), which valued the group at $3bn. The club also expanded its home stadium, The Etihad, taking the capacity over 55,000.
It’s the eighth season of successive improved year-on-year financial performance. The club posted a loss of £197m in 2011, still a record in English football. Its revenue of £153m was less than the £172m wage bill. Wages hit £196.7m in 2015/16.
In the report, City chairman Khaldoon Al-Mubarak said: “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.
“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.”
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