Manchester City Football Club has announced that it has broken the £300 million threshold for revenues for the first time in its history.
After generating £347 million ($544.8 million) of income, the Premier League champions said they are a step closer to breaking even, posting losses of £22.9 million for the year to May 31.
The club said this figure includes the accounting of £16 million that recognises the total UEFA sanctions imposed in May 2014 following disputed breaches of its Financial Fair Play regulations.
The club lost £197.5 million in 2010-11, but those losses have fallen significantly since, to £97.9 million in 2011-12 and £51.6 million in 2012-13. Owner Sheikh Mansour has invested around £1 billion in the club since taking over in September 2008.
Speaking in the report, chairman Khaldoon Al Mubarak emphasised the progress made off the field and global expansion of the wider City Football Group organisation, referencing the deep ties between Manchester City FC and its sister clubs in New York, Melbourne and Yokohama.
He said: “We have moved beyond the period of heavy investment that was required to make the club competitive again, it is commercial growth of the kind we are seeing today that will underpin and support our operations in the future.”
The chairman concluded that today the club “is where we hoped it would be when we began this transformation six years ago”.
CEO Ferran Soriano pointed to “a new level of financial sustainability”, saying that not only has the club halved losses for three consecutive years, but that it has budgeted for a profit in 2014-15 and expects to be entering the 2015-16 season with no outstanding sanctions or restrictions.