Man City revealed turnover of £500.5M during the '17-18 season, during which it won the EPL.GETTY IMAGES
Man City became the second English club in history to surpass £500M ($655.6M) in annual revenues, according to James Ducker of the London TELEGRAPH. The Premier League champion on Thursday published its accounts for '17-18, which show turnover hit £500.5M ($656.3M), a 44% rise in five years and a "near" six-fold increase in the 10 seasons since Arab billionaire Sheikh Mansour bought the club. It leaves Man City trailing only ManU (£581M/$761.8M) in revenue terms "among the Premier League elite." Man City is the fifth club in Europe to reach £500M in annual revenues, after ManU, Real Madrid, Barcelona and Bayern Munich. The club also posted a profit of £10.4M ($13.6M), the "fourth season running" the club has returned a profit "after heavy losses early in the Sheikh's ownership." Man City's wage bill increased from £243.8M for '16-17 to £260M ($340.9M) -- the second-highest in the top flight, behind ManU -- but the wage to turnover ratio dropped from 56% to 52% (TELEGRAPH, 9/13). In London, Murad Ahmed reported Sheikh Mansour "invested hundreds of millions of pounds to buy superstar players to help power the team to the top of the sport," while also creating a "huge training complex" near the club's stadium in the east of Manchester. But Financial Fair Play regulations introduced in '11 propelled Man City "to gain revenues beyond the largesse of its owner, in order to sustain its massive spending." Man City Chair Khaldoon Al Mubarak said that last season's strong financial performance was "the result of a carefully crafted strategy -- one in which organic evolution has also been allowed to thrive" (FINANCIAL TIMES, 9/13). REUTERS' Martyn Herman reported Al Mubarak said that the club will "strive for more." Al Mubarak: "Our aim is obviously to build on the achievements of the last year. Our journey is not complete and we have more targets to fulfill" (REUTERS, 9/13).
