(Reuters) - Manchester City announced record revenue of 473.4 million pounds ($620.11 million) and a third consecutive year of profitability as the club’s annual report for 2016-17 was published on Wednesday.
Premier League leaders City posted a profit of 1.08 million pounds, down from 20.5 million pounds last year. The club said an extended 13-month reporting period had affected profitability.
A 21 percent increase in revenue meant that the ratio of wage costs to revenue fell to 56 percent.
The club is operating with zero debt and chairman Khaldoon Al Mubarak said that revenue was pushing towards “towards the 500 million pounds mark”.
“This report is about making sure our fans and our partners can see the true detailed status of every aspect of the club,” he said in a statement.
“What hopefully comes across is that the football organisation and off-field business have the right symmetry and balance to allow us to continue to further strengthen and grow.”
Despite finishing last season without a trophy, chief executive Ferran Soriano was satisfied with the team’s progress and potential under manager Pep Guardiola, who took charge before the start of last season.
“We are committed to playing beautiful football and to win. Both elements are compatible and the second is a consequence of the first,” said Soriano. “I am convinced we will see further progress and silverware in the seasons to come.”
City spent heavily in the summer transfer window on Benjamin Mendy, Kyle Walker, Bernardo Silva, Ederson and Danilo, building a squad that is currently eight points clear at the top of the Premier League league table.
($1 = 0.7634 pounds)
Reporting by Hardik Vyas in Bengaluru; Editing by Toby Davis