City announce profit of £10.7m for 2014/15 season
By Ric Turner, Thu 15 October 2015 10:02
Revenue up to a record £351.8m
City announced a bottom line profit of £10.7m in its Annual Report for the 2014/15 season, which was released yesterday. It was the first profit posted by the club since Sheikh Mansour's takeover in 2008.
City also reported a record annual revenue of £351.8m, thanks in part to "the retention and recruitment of a variety of regional and global commercial partners". Commercial revenue was up 4% to £173m, and broadcast revenue up 2% to £135.4m, despite matchday revenue decreasing by 9% to £43.3m.
Chairman Khaldoon Al Mubarak said "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."
The chairman, however, spoke of his disappointment at teh failure to win a trophy last season, a message also repeated by Chief Executive Ferran Soriano. "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", said Soriano.