Manchester City Record First Profit of Sheikh Mansour Era
October 14, 2015
English Premier League club Manchester City have reported a profit of £10.7m for the 2014/15 season.
It is the club’s first profit since Sheikh Mansour bin Zayed took over in 2008.
The club posted a record annual revenue of £351.8m, with no financial debt.
Chairman Khaldoon Al Mubarak says the club are fulfilling the strategy set out by the owner when he took over which was “a strategy predicated on long-term sustainability and the ongoing development of momentum year after year.”
“Once again, the season saw the Club operating with zero financial debt,” said Mubarak.
“Our transition to profitability has been a long planned milestone – one targeted and worked diligently towards since His Highness Sheikh Mansour’s acquisition of the club in 2008. As a result, to put things in their simplest terms, we are now a profitable business with no debt and no outstanding restrictions.”
City CEO Ferran Soriano hailed the news as a “historical step” in the club’s journey, but says they are not happy about a season without trophies and wants to see the club adding silverware to the financial success off the pitch.
“These consistent results indicate we are doing a lot of things right, but they are not enough. We will never be happy about a season without trophies. The priority and the focus of our work is to convert more of these opportunities into titles in the years ahead.”
“The financial model and the strategic investment is proven to work. Manchester City is now a profitable, self-sustainable club competing at the highest level in world football.”