Manchester City have declared a profit for the first time since Sheikh Mansour’s 2008 takeover.
And with the club also posting record revenues of £352million, Blues chairman Khaldoon Al Mubarak declared: “To put things in their simplest terms, we are now a profitable business with no debt and no outstanding restrictions.”
The club posted a profit of £10.7million which, in football terms, means they are clear of any Uefa punishments after last season being hit with financial fair play penalties.
Chief executive Ferran Soriano said that the move into profitability after seven years in the red is a “historic step in Manchester City’s journey.”
And with the bumper new Premier League TV rights deal about to kick in, and the increased capacity set to boost matchday revenues, the figures explain City’s decision to splash out around £142million on Kevin de Bruyne, Raheem Sterling, Nicolas Otamendi, and Fabian Delph.
City’s owner ploughed money into the club after buying it in 2008, and in 2010-11 they reported a record loss of £195million after huge spending on players and club infrastructure.