Manchester City have announced a £10.7m profit, the first since Sheikh Mansour became owner in 2008 and subsequently invested £1bn-plus in the club.
City, who also reported a record annual revenue of £351.8m and a seventh successive year of growth, said the positive figures followed “the retention and recruitment of a variety of regional and global commercial partners”. Commercial revenue was up 4% to £173m, and broadcast revenue up 2% to £135.4m, despite matchday revenue decreasing by 9% to £43.3m.
The club said the latter loss was derived from the expansion of the Etihad Stadium, with the capacity temporarily reduced while the work was carried out, and the early exit from the Capital One Cup.
Regarding the profit and record revenue, Khaldoon al-Mubarak, the chairman, said: “[There is] an ongoing reduction in costs. The financial model and the strategic investment is proven to work. Manchester City is now a profitable, self-sustainable club competing at the highest level in world football.
“The seeds of this year’s profit were sown some years ago and many people have contributed to making it happen. They deserve to be thanked and recognised. We also know that this is not the end, but the continuation of a process that should take us to an even brighter future.”
Mubarak pointed to the opening of the City Football Academy, a £200m facility, last December. “The CFA has global resonance and that has significantly contributed to the ongoing growth of the Manchester City brand globally,” he said. “All metrics point to the right kind of accelerated commercial growth and that development is also in large part due to the City Football Group strategy that has been rolled out over the last two years.
“The Group creates global scale and at the same time regional and local expertise in all aspects of operations. It is a credit to all those involved and in particular to the leadership of Ferran Soriano [the chief executive].”
He and Soriano, though, did warn the manager, Manuel Pellegrini, that last season’s failure to win a trophy was not desirable. “For everybody involved with Manchester City FC, it is hard to look back on the 2014-15 season without a degree of disappointment,” Mubarak said.