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Man City owners say club has reached turning point after hitting record turnover of €435m

The wage bill is reportedly also down to 50% of revenues.

Manchester City manager Pep Guardiola.
Manchester City manager Pep Guardiola.
Image: Richard Sellers

ENGLISH PREMIER LEAGUE leaders Manchester City today announced record turnover of £390m (€435m) and its Abu Dhabi owners said the club has reached a “turning point”.

City, who were hit by UEFA sanctions over their finances in 2014, announced a £20m (€22.2m) profit from revenues of £391.8m (€437.2m).

With broadcasting, match-day and commercial revenues all up, City announced a second straight year of profit.

Chairman Khaldoon Al-Mubarak said the 2015-16 season, when City reached the Champions League semi-finals, was a “turning point” on and off the field.

“Manchester City has now reached a level of sporting and commercial maturity that allows one to feed the other,” said the chairman.

“I believe the 2016-17 season represents the beginning of a critical new phase in the evolution of Manchester City.

“We know that we have the playing, coaching and off-field capabilities at our disposal to achieve great things in English and European football in the years ahead.”

Broadcasting revenue from Europe and the Premier League increased 19% to £161m (€180m). Matchday income went up from £43m a year ago to £52.5m (€58.6m).

In the past year, City have appointed Pep Guardiola, one of the world’s most successful coaches, while China Media Capital Holdings has become a key new investor.

City said that its wage bill was down to 50% of revenues which it said was one of the best ratios in the Premier League.

– © AFP 2016

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