Man City can achieve 'great things' in England & Europe - Khaldoon Al Mubarak
Last updated on .From the section Man City
Manchester City are embarking on a "critical new phase" after posting record turnover for 2015-16, said chairman Khaldoon Al Mubarak.
City's revenue in the year to 31 May 2016 was £391.8m, an increase of 11.4%.
They made a £20.5m profit, with their wage-to-revenue ratio falling to 50%.
Khaldoon said: "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."
City's matchday revenue in the period rose by 21% to £52.5m, broadcasting revenue was up 19% to £161.4m, and commercial revenue grew 3% to £177.9m. The club remains debt free.
Since the financial year ended, City have spent £140m on new players, including paying Everton £47.5m for England defender John Stones.
Last season they finished fourth in the Premier League, their worst performance since 2010, but won the League Cup, and reached the Champions League semi-finals for the first time.
They have since appointed former Barcelona and Bayern Munich coach Pep Guardiola as manager, replacing Manuel Pellegrini.
Sheikh Mansour bought the club from former Thaksin Shinawatra in September 2008, and the club's turnover has risen for eight successive years.
Five years ago, the club posted losses of £194.9m in the rush to compete for major trophies.
The latest figures come from a period which included expansion of Etihad Stadium, which raised the capacity by 8,000 to 54,041 and a £265m investment in the club's parent company, City Football Group, by China Media Capital Holdings, which valued the group at $3bn.
"The 2016-17 season represents the beginning of a critical new phase in the evolution of Manchester City," said Khaldoon.
"Manchester City has now reached a level of sporting and commercial maturity that allows one to feed the other."
City are top of the Premier League but have taken only one point from their past two games.
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This will fall to 25% when Yaya leaves next summer.
I believe Manchestey City have pumped a lot of money into their youth football and the local community - so in that respect, they are doing a good job and the other cash-rich clubs should follow suit.
...which is refreshing ...but it's not possible to compete with Real Madrid and Barcelona etc., without serious funding and investment, City are doing this gradually ....and in the right way.
You've accidentally written an article and opened a HYS about another team other than Manchester United. Admittedly, you haven't managed to look further than the same city, but it's a start.
@ 12 LUFCAT
"Anyone know when the Etihad is planned to be larger than OT? That will be a fun day."
'They will have to try and fill their far smaller stadium first.'
Steady now or they may start calling MU fans 'the bitters'!
First City have been around for a long time in English football. As for Manchester, the first Manchester side to be successful. Yes City were the first successful side in Manchester. We now have owners that have invested in order to make us a successful football club. All good owners do this, the aim self sustain.
Always Sunny
In a Rich Man's World !
It's just the beginning watch this space.
Nuf said