Manchester City double profits in “critical new phase” under Pep Guardiola – originally posted on olofofounited.com
MManchester City disclosed their annual financial results and revealed that the club had earned profits worth £20.5 million. This is the second year in succession that City have made a profit.
Chairman Khaldoon Al-Mubarak laid emphasis on the transformation that began at the club in 2008 as and when Sheikh Mansour took over the club. The chairman said that City have now reached a “critical new phase” in the club’s “evolution” with the appointment of Pep Guardiola as manager.
Naturally buoyed at this achievement, Al-Mubarak remarked that the club “have the playing, coaching and off-field capabilities at our disposal to achieve great things in English and European football in the years ahead.”
The Premier League has truly come very far in the last few years. Remarkably, in November 2011, the side reported a loss of £194.9 million. Last year, Manchester City’s annual report showed a profit for the very first time with a profit of £10.7 million. Manchester City have managed to double this with the latest set of figures.
Crucially enough, the club has managed not to spend more on salary than its annual turnover, leading to decrease the wages-to-turnover ratio to 50 per cent from 55 per cent last year. The club’s annual turnover, which has now risen to £391.8 million. Ten years ago City’s turnover was £61.8 million.
Manchester City now travel to Barcelona to face the Catalan giants in the Champions League. Last season, the Premier League outfit did well in the elite competition reaching the semi-final. With the appointment of Pep Guardiola, the owner’s ambition of getting that evasive trophy has become better, and now, Manchester City genuinely have the chance of realising that dream. Naturally, winning this competition will also massively help in further boosting the finances of the club.
These significant profits are certainly a landmark in their astronomical rise since they were taken over by the Abu Dhabi group in 2008.
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