In its full-year financial report, which covered the 12 months through to May 31, 2014, the club posted total turnover of £346.5m, up from £271m in the previous year. City has also significantly reduced its net loss for the third consecutive year, with the 2013-14 figure of £23m comparing to losses of £51.6m and £97.9m respectively for the previous two seasons. City noted that this year’s figure includes a £16m penalty it was forced to pay Uefa after the club breached FFP regulations – a ruling it still disputes.
Ferran Soriano, Manchester City chief executive, paid tribute to the team’s on-field achievements in the past 12 months and said this success, coupled with the financial results, spells a bright future for the club.
“This year Manchester City has reached the levels of maturity, strength and stability that it has been working so hard towards over the past six years,” Soriano said. “The 2013-14 season marks not the end but rather the continuation of an incredible journey, with many goals and new developments ahead. In our last annual report I wrote of a transformation underway; now I believe the days of Manchester City playing catch up are over.”
Soriano also noted that City has budgeted for a profit in 2014-15 and expects to be entering the 2015-16 season with no outstanding sanctions or restrictions. City, along with French Ligue 1 champion Paris Saint-Germain, were sanctioned by Uefa for breaching these rules. Both clubs were given fines and handed restrictions on transfer spending and squad sizes for the 2014-15 Champions League.
Soriano said: “This year Manchester City has also reached a new level of financial sustainability. Having halved its losses season after season in the last three years, the club has come close to breaking even in its 2013-14 operations.
“This year we have also accounted completely for the settlement with Uefa over disputed breaches of its FFP regulations dating back to 2010. We have budgeted for a profit in 2014-15 and now expect to be entering the 2015-16 season with no outstanding sanctions or restrictions.”
City chairman Khaldoon Al Mubarak added the team has "moved beyond the period of heavy investment that was required to make the club competitive again."
City are currently second, behind leaders Chelsea in the race for the Premier League title this time around.