anchester City have reached a “critical new phase” in the club’s “evolution” with the appointment of Pep Guardiola as manager.
In announcing profits of £20.5 million – the second year in succession that City have made a profit – chairman Khaldoon Al-Mubarak said that the club “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 face Barcelona, away, in the Champions League tomorrow evening with last season’s feat of reaching the semi-finals of the competition where they went out to eventual winners Real Madrid – as well as expanding the Etihad to a 54,041-capacity stadium – identified as key factors in boosting the profits for 2015-16 which are revealed in today’s annual report.
It reveals how far City have come since reporting a loss of £194.9 million in November 2011. Last year’s report showed a profit for the first time. That figure of £10.7 million has been almost doubled with the latest set of figures.
The club’s wages-to-turnover ratio has also dropped even further to just 50 per cent from 55 per cent last year, five years after the salary figure was in excess of annual turnover, which has now risen to £391.8 million. Ten years ago City’s turnover was £61.8 million.
City also point out that with their ownership structure, under Sheikh Mansour bin Zayed al Nahyan, they operate with “zero debt” and with net assets of more than £677 million.
Guardiola was hired in the summer, replacing Manuel Pellegrini who won the Capital One Cup and finished fourth in the Premier League last season, with City improving their squad, for a more sustained title challenge, with another summer of spending, bringing in the likes of John Stones for £47.5 million.