Manchester City Step Closer To Self-Sustainability
Thu 4th Dec 2014 | Money & Finance
Manchester City have generated more than £300m in revenues for the first time according its Annual Report for the 2013-14 season.
The detailed report outlines the achievements and continued progress of the current Premier League Champions over the past season and in the context of the six years of planned development under the ownership of Sheikh Mansour bin Zayed.
With £347m of income being generated the report also reveals a bottom line loss of £23m for 2013-14. This figure includes the accounting of £16m that recognises the total UEFA sanctions imposed in May 2014 following disputed breaches of its Financial Fair Play regulations.
Speaking in the report, Chairman Khaldoon Al Mubarak, comments on the on field achievements of the first team which secured the Premier League title and Capital One Cup in the reporting period, as well as the wider league and national tournament success of several of the club’s Academy year groups.
Furthermore he outlines his commitment to Manchester City Women’s FC which competed in its first season in the FA Women’s Super League.
He also emphasises the progress made off the field and global expansion of the wider City Football Group organisation, referencing the deep ties between Manchester City FC and its sister clubs in New York, Melbourne and Yokohama and looks ahead to the imminent opening of the City Football Academy, planning for which began at the outset of His Highness’ investment.
"We have moved beyond the period of heavy investment that was required to make the club competitive again, it is commercial growth of the kind we are seeing today that will underpin and support our operations in the future."
The Chairman concludes that today the club “is where we hoped it would be when we began this transformation six years ago” and eagerly looks to what lies ahead for the Club and its supporters.
Chief Executive Officer Ferran Soriano, supporting the thoughts of the Chairman points to “a new level of financial sustainability” and outlines that not only has the club halved losses for three consecutive years, but that it has budgeted for a profit in 2014-15 and expects to be entering the 2015-16 season with no outstanding sanctions or restrictions.
Posted by: Aaron Gourley
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