Manchester City reveal profit for first time under Sheikh Mansour
For the first time since Sheikh Mansour took over Manchester City in 2008, the Premier League club have recorded a profit.
[ MORE: U.S. loses to Costa Rica ]
In their financial report for 2014-15, which was released on Wednesday, City revealed that they made $16.5 million and that profit would have been even greater if they didn’t have to pay fine of $24.7 million to UEFA for breaching Financial Fair Play (FFP) regulations.
[ MORE: Premier League injury report ]
What is the reason for this profit? Well, City’s annual revenue continues to grow and last year it was up to $542.3 million.
There are some other figures which point to losses elsewhere in the business, as City recorded losses of $87 million on “ordinary activities” before tax. You can read their financial report in full, here.
Of course, it could prove tougher for City to maintain a profit next season as they spent over $150 million on signing Raheem Sterling and Kevin de Bruyne this summer and have also expanded the South Stand at their Etihad Stadium home, plus opened the humongous City Football Academy (CFA) in December 2014 but all signs are pointing towards the Citizens finding a sustainable model as they have met the FFP regulations for this season and were not fined by UEFA.
Somewhere along the line City have cut costs and can still afford to pay some of the highest wages and transfer fees in global soccer, as record revenue levels wil only grow with increased TV deals set to kick in over the coming years.
Mind you, it always helps when the Deputy Prime Minister of the United Arab Emirates, Mansour, is bankrolling the club...