Despite having to pay some
£16m in fines
for failing to meet Uefa's Financial Fair Play (FFP) regulations, English Premier League club Manchester City have reported a profit of £10.7m for the 2014/15 season.
It is City's first profit since Sheikh Mansour bin Zayed took over in 2008. The club posted a loss of £22.9m during the 2013-14 season, saw
annual revenue grow for the seventh straight year - to £351.8m with no financial debt.
" the club are fulfilling the strategy set out by the owner when he
took over which was “a strategy predicated on long-term sustainability
and the ongoing development of momentum year after year.”
"Once again, the season saw the Club operating with zero financial debt," said City chairman Khaldoon Al Mubarak.
City CEO Ferran Soriano hailed the news as a "historical step" in the
club's journey, but says they are not happy about a season without
trophies and wants to see the club adding silverware to the financial
success off the pitch.
"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
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