Revenue up 21% and club profitable for third successive year
Manchester City have announced record revenues of £473.4m in their 2016-17 Annual Report, including profits for a third consecutive year. Revenue was up 21% from the previous period, and a profit of £1.08m was reported. It was revealed that this figure would have been nearer to £10m, but the accounts covered a one-off 13-month reporting period, to bring the club in line with other parts of the City Football Group.
Matchday revenue accounted for £52m, whilst broadcast revenue increased by 21% to £203m, and commercial revenue was up by 23% at £218m. The wage/revenue ratio is a healthy 56%, whilst the club has zero debt, unlike many Premier League rivals.
Chairman Khaldoon Al Mubarak said, “This report is about making sure our fans and our partners can see the true detailed status of every aspect of the club. What hopefully comes across is that the football organization and off-field business have the right symmetry and balance to allow us to continue to further strengthen and grow.
“The 2017-18 season will be the tenth under His Highness Sheikh Mansour’s stewardship. In the context of more than 120 years of Club history, this is a relatively short period of time, but it has been one of significant growth, with much learned and much gained on a journey that still has a long way to go. We enter this season with a justifiable sense of ambition and expectation. A feeling shared by everyone who is passionate about Manchester City. For me that is the greatest indicator of the progress we have made since 2008.”
Al Mubarak paid tribute to departing stars such as Pablo Zabaleta, Jesus Navas, Bacary Sagna and Gael Clichy, whilst also acknowledging the role played by Manchester's emergency services following the terrorist attack at the Manchester Arena in May.
Chief Executive Officer Ferran Soriano admitted that the 2016-17 campaign had been a disappointing one, but made it clear that the team had a bright future under Pep Guardiola's tutelage. Soriano said, “We finished the first season of this chapter without any trophies and we will never be satisfied with that, but at the same time, it was a season of promise and progress. We scored more goals, created more chances, had the highest level of possession in the league and achieved 12 points more than the previous season. More importantly, several times during the season, our team showed exactly the type of quality football we want to be playing, with some very impressive displays.
“We are committed to playing beautiful football and to win. Both elements are compatible and the second is a consequence of the first. I am convinced we will see further progress and silverware in the seasons to come.”