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Manchester City Football Club has today released its Annual Report for 2016-17, announcing the Club’s third consecutive year of profitability and the ninth successive year of improved financial performance.
The Club has reported record revenues of £473.4million, marking a 21% increase from the previous year and breaking £400million for the first time in City history.
A profit of £1.088million was posted, despite the club reporting against a 13 - month period which had an adverse impact on profitability. The extended reporting period arises from a move to change the Club’s reporting cycle to a July 1st to June 30th year end in order to better align Manchester City FC’s financial year with City Football Group’s growing number of reporting entities.
Commenting on the publication, MCFC Chairman Khaldoon Al Mubarak said, “This report is about making sure our fans and our partners can see the true detailed status of every aspect of the club. 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.”
In the report, Chairman Khaldoon Al Mubarak observes the revenue growth moving “towards the £500m mark” and reiterates the club’s long held position that “on-field success and financial sustainability must exist hand-in-hand.”
Despite the men’s team finishing the season without silverware and the disappointment that comes with that, the Chairman also reflects on “a season of promise and of some very real highlights” and the fact that “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.”
This sentiment is echoed by Chief Executive Officer Ferran Soriano who points to the fact that while finishing the season empty handed was unsatisfactory, the team showed at periods throughout the season ‘exactly the type of quality football we want to be playing.” He continues saying, “We are committed to playing beautiful football and to win. Both elements are compatible and the second is a consequence of the first.”
On the development of young players, Chairman Al Mubarak celebrates the nine trophies won by the Club’s Academy teams and the two academy players who marked their first team debuts during the season commenting, “The ongoing development of Phil Foden and Brahim Diaz in particular, continues to be encouraging and our commitment to nurture our own talent remains a central pillar for the Club’s long-term sustainability”
The report also highlights the incredible achievements of Manchester City’s treble-winning women’s team, which Khaldoon Al Mubarak describes as “an outstanding achievement” that has established the team as a “major force in the game.”
Looking forward to the 2017-18 season, the Chairman says that the Club “enters this season with a justifiable sense of ambition and expectation”, a view shared by CEO Ferran Soriano who says that he is "convinced we will see further progress and silverware in the seasons to come.”
The Chairman concludes his message, pointing to the fact that the 2017-18 marks a decade under His Highness Sheikh Mansour bin Zayed’s stewardship, reflecting that “in the context of more than 120 years of Club history, this is a relatively short period of time, but it has been one of significant growth, with much learned and much gained on a journey that still has a long way to go.”
Visit mancity.com/annualreport2017 to read the full report.
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