Manchester City post record revenues

Manchester City announced record revenues of £473.4m and a profit of £1.08m for the financial year ending June 30, 2017.

Turnover rose 21 percent during the period, which covered 13-months after City adjusted its financial year.

It marks the ninth year in a row that of improved financial performance for the club, and a third straight rise in profits, although the wage rose by 33 percent to £264.1m.

The figures include an £87.1m loss on transfers, with Leroy Sane, Gabriel Jesus and Ilkay Gundogan arriving during the period, which coincided with Pep Guardiola’s first year at the club.

No corporation tax was paid as City carried forward losses of £502.9m from previous years.

Man City are currently eight points clear at the top of the Premier League, winning 10 and drawing one of their first 11 games. They have also guaranteed a place in the last 16 of the Champions League, after winning all four of their group games so far.

Man City chairman Khaldoon Al Mubarak said: “On-field success and financial sustainability must exist hand-in-hand.”

“What hopefully comes across is that the football organization and off-field business have the right symmetry and balance to allow us to continue to further strengthen and grow.”

“Targeted investment in the summer of 2016 in some talented young players, blended together with the existing capabilities in our squad, led to an impressive start to the season and some memorable performances.”