Manchester City is having plenty of success both on the football field and in the boardroom.
The club announced in its 2016-2017 report that it had recorded record revenues of $620.71 million, a 21 percent increase from last season in addition to a third-straight year of profitability with no debt.
According to the financial report, the wage bill also saw a significant rise, from $259.09 million to $346.28 million, and that price could go up further with this past summer’s acquisitions.
“For the third consecutive year our business is profitable and revenues continue to grow to record levels for the ninth successive season, pushing beyond £400m and towards the £500m mark,” Khaldoon al-Mubarak said in a statement. “We also continue to operate with zero financial debt. Beyond Manchester, our global footprint continued to expand with our community engagement programs reaching ever further afield, with expanded digital outreach and new global partnerships.”
Interestingly, the City Football Group also discussed how their growing network of clubs across the world is contributing to the overall organization’s success, including that of New York City FC in MLS.
“We are now seeing how our growing network of clubs can translate both into commercial opportunities for the group and development opportunities for players,” the report states, noting how Australian club Melbourne City signed and then later sold Aaron Mooy to Huddersfield Townfor $10.5 million.