English Premier League champions Manchester City on Tuesday announced record revenue for last season as the football club swept up six trophies in the domestic men's and women's games.
For 2018/2019, City said that its profit was £10.1 million (Dh48m), almost flat compared the previous season, on revenue of £535.2 million, 6.9 per cent more than the year earlier period. Earnings from broadcast rights increased by almost 20 per cent to £253.2m. Matchday revenue and commercial income were both a little lower at £55m and £227m respectively.
It is the fifth consecutive season of profitability under Abu Dhabi ownership.
"Strategic planning has allowed us to create an environment in which continued on-pitch success is both possible and likely, and financial sustainability is a reality," said Chairman Khaldoon Al Mubarak. The club's player wage to revenue ratio increased to 58 per cent from 52 per cent a season earlier as Riyad Mahrez was among those added to the first team squad in the summer of 2018.
"Our organisation is now at a level of maturity that enables us to plan on multi-year cycles both in terms of our management of squads and more widely across the business," said Al Mubarak in City's annual report.
The club is committed to keep investing in both youth football and premium facilities, he said.
Last season, the men's side - managed by Pep Guardiola - won the FA Cup, the EFL Cup and the FA Community Shield, as well as the Premier League.
The women's team won the FA and WSL cups. Mr Al Mubarak described it as an "extraordinary" season.
Cross-town rivals Manchester United reported record revenue of £627.1m for 2018/19 but after City secured a ten-year £650m kit deal with Puma, it is expected that the financial gap between the two clubs will close during the current season.
City chief executive Ferran Soriano said that the growth in revenue and continued profit had been the result of "commercial success and our cost management".
"Manchester City is a consolidated, economically sustainable operation that will continue to use its financial strength to fuel its growth," he said.
After an investigation, European football governing body UEFA is set to decide if City breached its financial fair play rules.
Al Mubarak said in May that City had co-operated fully with the investigation and that he remained confident they would not be punished.
________________
Read more:
[ Gabriel Jesus on Man City, Mohamed Salah and facing South Korea in Abu Dhabi ]
________________
