Football
Richard Jolly, ESPN.com writer 9y

Man City announce record revenues, losses continue to improve

Manchester City announced record revenue of 347 million pounds for the 2013-14 financial year, reducing their losses to 23 million pounds.

It was the club's lowest annual loss since Sheikh Mansour took control in 2008, and is a sign that they are moving closer to breaking even after chairman Khaldoon al Mubarak said the era of "heavy investment" looked to be over.

City's 23 million-pound loss included a 16 million-pound UEFA fine for breaching financial fair play regulations in the previous financial year.

Last season, when they won the Premier League and the Capital One Cup and reached the knockout stages of the Champions League for the first time, they recorded significant rises in income across the board.

Commercial revenue went up by 16 percent to 165.8 million pounds, broadcast revenue rose by 51 percent to 133.2 million pounds, and matchday revenue was up 20 percent to 47.5 million pounds.

"The club is where we hoped it would be when we began this transformation six years ago," Al Mubarak said in the annual report.

"Now 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."

City had a net spent of 76 million pounds in a financial year when they bought Fernandinho, Jesus Navas, Stevan Jovetic and Alvaro Negredo.

They have reduced their wages-to-turnover ratio from 86 percent to 59 percent, cutting their wage bill to 205 million pounds.

City had posted losses of 197.5 million pounds in 2010-11, 97.9 million pounds in 2011-12 and 51.6 million pounds in 2012-13.

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