LONDON - Manchester City have become the second club in English football to break through the £500million revenue barrier, 10 years after the Abu Dhabi takeover.
The Premier League champions announced their 2017-18 annual figures, in which they report they have passed the landmark with turnover of £501.5m and made a profit of £10.4m.
Club officials say the figures reflect 10 successive years of improvement since Sheik Mansour’s acquisition of the club in 2008 and show City have made a profit for the fourth year in a row.
In the UK, only cross-city rivals United have also passed the £500m mark. For the year ending 2017, the Old Trafford club posted turnover of £581m. They are expecting that to improve to £595m this year.
City’s wages-to-revenue ratio, which experts say should be 50-60 per cent, sits at a relatively healthy 52 per cent. It is all a far cry from 2008 when, according to then chief executive Garry Cook, the ailing club were close to financial disaster. For the 2007-08 financial year, in which a loss of £11m was posted, City’s revenue was £56.9m.