PHOTO: REUTERS
MANCHESTER: English Premier League leaders Manchester City on Tuesday announced record turnover of £391.8 million and its Abu Dhabi owners said the club has reached a "turning point".
City, who were hit by UEFA sanctions over their finances in 2014, announced a £20 million profit from revenues of £391.8 million.
With broadcasting, match-day and commercial revenues all up, City announced a second straight year of profit.
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Chairman Khaldoon Al-Mubarak said the 2015-16 season when City reached the Champions League semi-finals was a "turning point" on and off the field.
"Manchester City has now reached a level of sporting and commercial maturity that allows one to feed the other," said the chairman. "I believe the 2016-17 season represents the beginning of a critical new phase in the evolution of Manchester City.
"We know that we have the playing, coaching and off-field capabilities at our disposal to achieve great things in English and European football in the years ahead."
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Broadcasting revenue from Europe and the Premier League increased 19% to £161 million. Matchday income went up from £43 million a year ago to £52.5 million.
Other commercial revenues went up from £351 million to £391 million.
In the past year, City have appointed Pep Guardiola, one of Europe's most successful coaches, while China Media Capital Holdings has become a key new investor.
City said that its wage bill was down to 50 percent of revenues which it said was one of the best ratios in the Premier League.
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