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Post by rugbytoffee on Oct 18, 2016 6:58:42 GMT
Manchester City have announced record revenues of £391.8 million -- making a profit for a second successive year.
The Premier League leaders have released their annual financial figures that show they made an increased profit of £20.5m in 2015-2016.
Last year, City announced their first-ever profit since Sheikh Mansour took over the club in 2008 and began to invest heavily in the first-team squad.
The club had posted losses of £197.5m in 2010-11 -- the most ever recorded by an English club, followed by £97.9m in 2011-12 and £51.6m in 2012-13 before finally announcing a surplus of £11m last season.
City's income of £391.8m is an 11 percent increase on last year's £351.8m and represents an eighth successive season of improved financial performance.
It was helped by the expansion of the Etihad Stadium, which now holds 55,000, and a 13 percent investment in City's parent company City Football Group by China Media Capital Holdings, which valued the group at $3 billion. Meanwhile, the money spent on wages is now down to 50 percent of turnover.
Chairman Khaldoon Al-Mubarak said in a statement: "The transformation of Manchester City under the ownership of H.H. Sheikh Mansour bin Zayed Al Nahyan has never been anything other than a long-term project.
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