Manchester City smash £500m turnover barrier
Record-breaking Premier League champions Manchester City have become only the second English team to break the £500m turnover barrier.
But City chairman Khaldoon Al Mubarak says the club’s journey “is not complete”.
Annual figures for the club, to June 30, revealed revenues of £500.5m – a sixfold increase in the 10 years since Arab billionaire Sheikh Mansour bought City.
Pep Guardiola’s side smashed Premier League records last season when they strode to the title, amassing a record 100 points.
But they still trail their Manchester rivals, United, in the financial stakes.
The Red Devils were the first English side to turnover more than £500m with reported revenues of £581m.
Nevertheless, City are only the fifth club in the whole of Europe to reach £500m in annual revenues, after United, Real Madrid, Barcelona and Bayern Munich.
Figures for City’s financial year showed that the club was in profit for a fourth consecutive year, with a £10.4m surplus.
The wage bill at the Etihad increased from £243.8m for 2016/17 to £260m, which is the second highest in the top flight, again behind United, but their wage to turnover ratio dropped from 56% to 52%.
Al Mubarak said: “Our journey is not complete and we have more targets to fulfil. We will always strive for more.
“There should be no doubt that we are looking forward to the challenges of the new season and those beyond it with equal commitment and determination to the 10 seasons that came before.
“Most of the developments visible today are the result of a carefully crafted strategy – one in which organic evolution has also been allowed to thrive.”
Among targets yet to achieve will be further progress in the Champions League, by building on last season’s quarter final exit at the hands of Liverpool.
