Premier League champions Manchester City have posted a best-ever profit of £41.7million for last financial year.
The figure is more than double the club’s previous biggest gain, in 2015-16, and came off the back of a record revenue of £613 million, itself an increase of £43.2million on the previous twelve months.
Profits were boosted by significant player trading that included the high profile sales of Gabriel Jesus (Arsenal) and Raheem Sterling (Chelsea).
Eight Academy graduates also got moves - several with buy-back clauses for City. Around £250 million has now been generated by transfers in the last five years.
City’s shrewd dealings in the market generated the highest-ever gross receipts from player transfers by any club in the history of the English top flight.
Revenues were also boosted by a fourth Premier League title win in five years, reaching a semi-final of the Champions League, highest ever partnership revenues and the return of fans to games after a season decimated by the Covid pandemic. The Etihad Stadium enjoyed 99 per cent occupancy rates for Premier League games.
The year’s football and financial results delighted chairman Khaldoon Al Mubarak whose statement in the annual report declared City were closing in on their target to be the leading club in the game.
“In 2008, we gave ourselves the target of exceeding the benchmarks that had been set by others within football; and in doing so, to also exceed the new standards that we believed leading clubs would achieve in the time it would take us to catch-up,” he wrote.
“Our aim was clear – to one day be the club that set the benchmark for others. The statistics and results show that in many ways we are beginning to achieve our long-term ambition.
“As the 2021-22 season ended, our men’s team, under Pep Guardiola’s stewardship, lifted the Premier League trophy for the fourth time in five years; our youth teams won the U18 league titles and the Premier League 2 for the second successive year. A clean sweep of Premier League titles two years in a row. In addition, our women’s team qualified for the Champions League for the seventh successive season. Over the summer, seven City players went on to lift the women’s Euro 2022 trophy.
“Important off-field metrics also gave us the right indications. Our motivation to place the Covid-19 pandemic firmly behind us helped our talented people achieve the most successful financial year in the club’s history; the best players in world football are making us their destination of choice; our player trading was executed with great skill and positive financial outcomes, and our commercial partnerships continued to deepen and expand by geography and sector.”
Al Mubarak also promised that City would not stand still or rest on their laurels as the pursuit of even more on and off the field success continues at a relentless pace. He promised more ground-breaking innovation.
“Football does not stand still and other leading clubs continue to evolve and develop,” he continued. “We therefore need to constantly challenge ourselves to improve upon what we have achieved.
“This means innovating further in Manchester and beyond. Reimagining ourselves and how we move forward in Manchester and through City Football Group (CFG), the industry-leading, multi-club organisation that Manchester City sits at the heart of.
“If we are to be true to the efforts of all of those people that have contributed over the last 14 years to deliver our current successes, we must challenge ourselves to question everything we accept as optimal, and to define new and unprecedented goals and the right strategies to achieve them.
“This is the task that [owner] Sheikh Mansour, our shareholders, the Board and I have set for our management team. In doing so we recognise the fundamental truth that continuously delivering football success for our fans will also continue to create value for our shareholders.
“The City Football Academy (CFA) is an obvious example of that marriage between football success and value creation. Since it opened in 2014, season after season, the CFA has consistently developed players that can thrive in the most competitive leagues in the world.
Guardiola's trophies at Manchester City
“The Academy players who became regulars in City’s first team this year are simply the tip of the iceberg: since 2011-12 almost 200 Academy graduates have gone on to have active professional careers in the Premier League, lower English leagues or in the main European leagues.”
CIty CEO Ferran Soriano, also writing in the report, declared the passion to succeed was as great as ever and that setbacks only served as fuel.
“Challenges make us hungrier, more determined to succeed, and give us all a shared sense of purpose,” he said.
“Ultimately, the 2021-22 season was representative of the football standards that we have set ourselves as we continued to deliver on our ownership’s vision and plans.
“From a business perspective, this was the first season in which we could begin to put the financial impact of the Covid-19 pandemic behind us, and we did it breaking club records for both revenues and profits.
“Our strong revenue performance was due to multiple factors, but ultimately driven by the 'beautiful football' we play and the continuous fan growth that it generates; more fans, more audiences, more people in the stadium, and more partners that want to be commercially associated with Manchester City.
“The return of fans made the Etihad Stadium feel like home again. We invested in improving facilities whilst we played behind closed doors, and it was gratifying to see our fans making the most of the experiences on offer.
“Over the last five years, we have seen incredible growth in our global fan numbers. In the US, where we held our pre-season tour in summer 2022, it was encouraging to see the incredibly large number of blue shirts at our games and how our international fanbase is enjoying our football.
“We also conducted our transfer business optimally, welcoming new players and seeing others go on to new challenges, generating important profits for our Club.
“I also want to highlight that our community programmes continue to deliver outstanding results too, using football to improve people’s lives in Manchester and more than 20 other cities globally. We are so proud of the collective impact created through our local City in the Community initiatives and our global Cityzens Giving campaign.”
Who was Alfred Nobel?
The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
- In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
- Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
- Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
WWE Evolution results
- Trish Stratus and Lita beat Alicia Fox and Mickie James in a tag match
- Nia Jax won a battle royal, eliminating Ember Moon last to win
- Toni Storm beat Io Shirai to win the Mae Young Classic
- Natalya, Sasha Banks and Bayley beat The Riott Squad in a six-woman tag match
- Shayna Baszler won the NXT Women’s title by defeating Kairi Sane
- Becky Lynch retained the SmackDown Women’s Championship against Charlotte Flair in a Last Woman Standing match
- Ronda Rousey retained the Raw Women’s title by beating Nikki Bella
Try out the test yourself
Q1 Suppose you had $100 in a savings account and the interest rate was 2 per cent per year. After five years, how much do you think you would have in the account if you left the money to grow?
a) More than $102
b) Exactly $102
c) Less than $102
d) Do not know
e) Refuse to answer
Q2 Imagine that the interest rate on your savings account was 1 per cent per year and inflation was 2 per cent per year. After one year, how much would you be able to buy with the money in this account?
a) More than today
b) Exactly the same as today
c) Less than today
d) Do not know
e) Refuse to answer
Q4 Do you think that the following statement is true or false? “Buying a single company stock usually provides a safer return than a stock mutual fund.”
a) True
b) False
d) Do not know
e) Refuse to answer
The “Big Three” financial literacy questions were created by Professors Annamaria Lusardi of the George Washington School of Business and Olivia Mitchell, of the Wharton School of the University of Pennsylvania.
Answers: Q1 More than $102 (compound interest). Q2 Less than today (inflation). Q3 False (diversification).
Gully Boy
Director: Zoya Akhtar
Producer: Excel Entertainment & Tiger Baby
Cast: Ranveer Singh, Alia Bhatt, Kalki Koechlin, Siddhant Chaturvedi
Rating: 4/5 stars
Essentials
The flights
Etihad (etihad.ae) and flydubai (flydubai.com) fly direct to Baku three times a week from Dh1,250 return, including taxes.
The stay
A seven-night “Fundamental Detox” programme at the Chenot Palace (chenotpalace.com/en) costs from €3,000 (Dh13,197) per person, including taxes, accommodation, 3 medical consultations, 2 nutritional consultations, a detox diet, a body composition analysis, a bio-energetic check-up, four Chenot bio-energetic treatments, six Chenot energetic massages, six hydro-aromatherapy treatments, six phyto-mud treatments, six hydro-jet treatments and access to the gym, indoor pool, sauna and steam room. Additional tests and treatments cost extra.
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
Champions parade (UAE timings)
7pm Gates open
8pm Deansgate stage showing starts
9pm Parade starts at Manchester Cathedral
9.45pm Parade ends at Peter Street
10pm City players on stage
11pm event ends
Zidane's managerial achievements
La Liga: 2016/17
Spanish Super Cup: 2017
Uefa Champions League: 2015/16, 2016/17, 2017/18
Uefa Super Cup: 2016, 2017
Fifa Club World Cup: 2016, 2017
Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
MATCH INFO
Uefa Champions League final:
Who: Real Madrid v Liverpool
Where: NSC Olimpiyskiy Stadium, Kiev, Ukraine
When: Saturday, May 26, 10.45pm (UAE)
TV: Match on BeIN Sports
RedCrow Intelligence Company Profile
Started: 2016
Founders: Hussein Nasser Eddin, Laila Akel, Tayeb Akel
Based: Ramallah, Palestine
Sector: Technology, Security
# of staff: 13
Investment: $745,000
Investors: Palestine’s Ibtikar Fund, Abu Dhabi’s Gothams and angel investors
How to help
Call the hotline on 0502955999 or send "thenational" to the following numbers:
2289 - Dh10
2252 - Dh50
6025 - Dh20
6027 - Dh100
6026 - Dh200
Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
Our legal consultants
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
The Library: A Catalogue of Wonders
Stuart Kells, Counterpoint Press
Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
Three ways to get a gratitude glow
By committing to at least one of these daily, you can bring more gratitude into your life, says Ong.
- During your morning skincare routine, name five things you are thankful for about yourself.
- As you finish your skincare routine, look yourself in the eye and speak an affirmation, such as: “I am grateful for every part of me, including my ability to take care of my skin.”
- In the evening, take some deep breaths, notice how your skin feels, and listen for what your skin is grateful for.
Bob Honey Who Just Do Stuff
By Sean Penn
Simon & Schuster
MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
Race 3
Produced: Salman Khan Films and Tips Films
Director: Remo D’Souza
Cast: Salman Khan, Anil Kapoor, Jacqueline Fernandez, Bobby Deol, Daisy Shah, Saqib Salem
Rating: 2.5 stars
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Citadel: Honey Bunny first episode
Directors: Raj & DK
Stars: Varun Dhawan, Samantha Ruth Prabhu, Kashvi Majmundar, Kay Kay Menon
Rating: 4/5
MORE ON IRAN'S PROXY WARS
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
