Abu Dhabi: Manchester City have released their annual report for 2016-17, announcing the club’s third consecutive year of profitability and the ninth successive year of improved financial performance.
The Club has reported record revenues of £473.4 million (Dh2.23 billion), marking a 21 per cent increase from the previous year and breaking £400 million (Dh1.92 billion) for the first time in City’s history.
A profit of £1.1 million was posted, despite the club reporting against a 13-month period which had an adverse impact on profitability. The extended reporting period arises from a move to change the club’s reporting cycle from July 1 to June 30 in order to better align City’s financial year with City Football Group’s growing number of reporting entities.
Commenting on the publication, 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 organisation and off-field business have the right symmetry and balance to allow us to continue to further strengthen and grow.”
In the report, Al Mubarak observed the revenue growth moving “towards the £500m mark” and reiterates the club’s long held position that “on-field success and financial sustainability must exist hand-in-hand.”
Despite the men’s team finishing the season without silverware and the disappointment that comes with that, the chairman also reflects on “a season of promise and of some very real highlights” and the fact that “targeted investment in the summer of 2016 in some talented young players, blended together with the existing capabilities in our squad, led to an impressive start to the season and some memorable performances”.
On the development of young players, Al Mubarak celebrated the nine trophies won by the club’s academy teams and the two academy players who marked their first-team debuts during the season. “The ongoing development of Phil Foden and Brahim Diaz in particular continues to be encouraging and our commitment to nurture our own talent remains a central pillar for the club’s long-term sustainability,” he said.
The report also highlighted the incredible achievements of Manchester City’s treble-winning women’s team, which Al Mubarak describes as “an outstanding achievement” that has established the team as a “major force in the game.”