Soccer

Man City report profit for first time under Sheikh Mansour

Club announce profit of €14.4 million and a seventh successive year of growth

Manchester City owner Sheikh Mansour: he has invested more than €1 billion into the club since he became owner in 2008. Photograph: Martin Rickett/PA Wire
Manchester City owner Sheikh Mansour: he has invested more than €1 billion into the club since he became owner in 2008. Photograph: Martin Rickett/PA Wire
Jamie Jackson
Wed Oct 14 2015 - 23:00

Manchester City have announced a £10.7 million profit (€14.4 million), the first since Sheikh Mansour became owner in 2008 and subsequently invested £1 billion-plus in the club.

City, who also reported a record annual revenue of £351.8 million (€474.6 million) and a seventh successive year of growth, said the positive figures were due to “the retention and recruitment of a variety of regional and global commercial partners”.

Commercial revenue was up four per cent to £173 million (€233.3 million), and broadcast revenue up two per cent to £135.4 million (€182.6 million), despite match day revenue decreasing by nine per cent to £43.3 million (€58.4 million).

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 League Cup.

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Ongoing cost reductions

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 . . .”

Not desirable

Mubarak pointed to the opening of the City Football Academy, a £200 million (€270 million) 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.

Mubarak did, however, 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.

Chief executive Farren Soriano said: "We will never be happy about a season without trophies. The priority and the focus of our work is to convert more of these opportunities into titles in the years ahead." (Guardian service)