Manchester City lift the Premier League trophy
Manchester City lift the Premier League trophy at the end of the 2020-21 season. Image Credit: Reuters

Abu Dhabi: Manchester City on Wednesday released its annual report for 2020-21, announcing a return to profitability and continuing the long-term trend of steady growth that was interrupted by COVID-19.

The club saw revenues increase by 19 per cent to £569.8 million, with a profit of £2.4 million.

It was another successful year for City on the field, with the men’s team breaking a slew of records, finishing the season with the Premier League title, winning the Carabao Cup and securing a place in the Champions League final for the first time in its history.

In the report, Chairman Khaldoon Al Mubarak reflects on the achievements and looks to the future, saying: “The success of our men’s first team — this year’s trophies represent our fifth Premier League title and sixth League Cup of the last decade — is our story today.

“Our story tomorrow will be written by the next generation, who made history this year when the EDS and U18 teams won their respective leagues, meaning Manchester City hold the titles at all three levels of the men’s game.”

He puts City’s return to profitability down to the diversification and globalisation of revenues, excellent football performance and the support of partners and shareholders.

He said: “His Highness Sheikh Mansour’s vision, set in 2008, is the reality we are living thirteen years later – we are a sustainable and socially responsible organisation, finding and developing talent and competing for trophies on both the domestic and European stage.”

Chief Executive Officer Ferran Soriano points to the character of the men’s first team following a challenging start to the season which saw them sitting in 13th position in late November 2020, saying: “You could sense the focus and the resolve of the team and the togetherness of the whole club.

“It was by harnessing that togetherness, that the team pulled themselves up from that point and went on to have one of the best seasons in Manchester City’s history.”

He also points to the resilience of the organisation more widely, saying: “From a business perspective, we were pleased to return to profitability, having successfully navigated the revenue challenges created by the pandemic.

“COVID-19 did not stop us, and we continued to grow, innovate and develop new ideas.”

The chairman concluded with his thoughts on the Champions League final, saying: “[Although] the disappointment of the defeat in the final in Porto ran undeniably deep, we were incredibly proud to have reached it in the first place.

“We look ahead with the knowledge that we are going to come back stronger and more experienced, knowing that we have reached not only that benchmark but also a level of consistency which gives us great confidence for the future.”