Man City, "the English football club that bought its way to the top" with the millions of Sheikh Mansour of Abu Dhabi, said on Wednesday that it is "profitable and debt free," according to Malcolm Moore of the FINANCIAL TIMES. The club "moved into the black for a financial year" for the first time since Sheikh Mansour bought control in '08. It said that pre-tax profits were £10.4M for the year ending in May, compared with a loss of £22.9M in '14. Man City CEO Ferran Soriano said that the profit marked a "historic step." Soriano: "The financial model and the strategic investment is proven to work. Manchester City is now a profitable, self-sustainable club competing at the highest level in world football." He also promised an "even brighter future." But it is "unclear how long the club will stay in the black." Shortly after the financial year ended, Man City spent £54.5M ($84.4M) on Kevin De Bruyne and £49M ($76M) on Raheem Sterling. Notes to the account acknowledge that the club spent a net £68.3M ($106M) on transfers after last year's accounts were prepared (FT, 10/14). In London, James Ducker reported Man City's revenues have "more than quadrupled" since Mansour bought the club in '08 to £351.8M in its latest financial accounts for '14-15, announced on Wednesday. It keeps City above Arsenal, which posted a turnover of £344.5M for '14-15, and behind only ManU, whose revenues fell from £433M to £395.2M in the past financial year. Chelsea is not due to announce its results for '14-15 until December. The west London club's revenues for the '13-14 season were £319.8M. Man City's wage bill dropped to £193.8M from £205M, which was "only narrowly higher" than that of Arsenal (£192.2M) and Chelsea (£192.7M), albeit it is a better wage/turnover ratio of 55%. By contrast, Man City's wages to turnover ratio in '10-11 was 113% (LONDON TIMES, 10/14).
LONG TIME COMING: In London, Jamie Jackson reported the club said that the positive figures followed "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. The club said the latter loss "was derived from the expansion of the Etihad Stadium, with the capacity temporarily reduced while the work was carried out," and the early exit from the Capital One Cup. Man City Chair Khaldoon al-Mubarak said, "The seeds of this year's profit were sown some years ago and many people have contributed to making it happen. They deserve to be thanked and recognized. We also know that this is not the end, but the continuation of a process that should take us to an even brighter future" (GUARDIAN, 10/14).
IMPROVEMENT EXPECTED: In London, Mike Keegan reported the club's top brass warned Manager Manuel Pellegrini that "improvement on last season's trophyless season is expected." Al Mubarak admitted ending the campaign "without a trophy to show for their efforts was 'disappointing.'" He said, "The fact that we consider last season to be below par for Manchester City is a testament to how far we have come in the last seven years" (DAILY MAIL, 10/14).
