City in ‘critical new phase’
Print Edition
MANCHESTER City chairman Khaldoon Al Mubarak said the Premier League club is entering a “critical new phase” after announcing record revenues of 391.8 million pounds (US$487 million) and a second successive annual profit of 20.5 million pounds.
City’s matchday revenues rose by 21 percent and broadcast revenues increased by 19 percent. The net profit is up from 11 million pounds in 2015. It said City operates with zero financial debt with a wage/revenue ratio of 50 percent, which is “among the best in the football industry.”
Chief Executive Ferran Soriano confirmed the level of investment from a consortium led by China Media Capital, which injected US$400 million to buy a 13 percent stake in City Financial Group, the holding company which runs Manchester City.
“Our new partners are instrumental in our ability to understand and foster the opportunities for our Group in China, at the same time as we work to help develop the game in such a vast and interesting country,” he said.
The latest figures reflect an eighth year of improved financial performance but come after a season of turbulence in which manager Manuel Pellegrini was replaced by Pep Guardiola, who takes the Premier League leader to Barcelona in the Champions League match today.
“On the pitch, the results were uneven,” said Sheikh Al Mubarak. “I believe the 2016-17 season represents the beginning of a critical new phase.
“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. In our new manager, Pep Guardiola, we have recruited a proven winner with an innate ability to identify, nurture and develop young talent. Manchester City has now reached a level of sporting and commercial maturity that allows one to feed the other.”
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