City announce profits of £20.5m in annual report 2015-16
By Ric Turner, Tue 18 October 2016 10:15
Turnover up 11.4% to record figure of £391.8m, whilst wages down to £196m
City have announced profits of £20.5m and a record turnover of £391.8m in their financial report for 2015-16. The wages/revenue reation is down to 50%, one of the best in the Premier League, and the club continues to operate with zero financial debt.
The report represents City's second successive year of profitability, with revenue up by 11.4% on the previous year. Matchday revenue in the period rose by 21% to £52.5m, broadcasting revenue was up 19% to £161.4m, and commercial revenue grew 3% to £177.9m.
Chairman Khaldoon Al Mubarak said, “I believe the 2016-17 season represents the beginning of a critical new phase in the evolution of Manchester City. We know that we have the playing, coaching and off-field capabilities at our disposal to achieve great things in English and European football in the years ahead.”
Chief Executive Ferran Soriano stated that“long-term financial sustainability… is another well-documented key objective for us and we are seeing consistent and continued evidence of this in our financial performance.”
Soriano added that he was encouraged by the club’s “solid base” and its “committed owners and partners, world-class coaches and players, superb facilities, highly talented employees, and the most passionate and enduring supporters.”
Click here to read the full report.