Abu Dhabi-backed Manchester City doubles profits

English Premier League team owned by Sheikh Mansour sees revenues up by 11% in second consecutive year of profits
(Getty Images)
By Staff writer
Tue 18 Oct 2016 10:38 AM

Manchester City Football Club, the English Premier League team owned by Sheikh Mansour bin Zayed Al Nahyan’s Abu Dhabi United Group, has announced a second consecutive year of profitability.

In a statement, the club said it had recorded a 20.5 million pound ($25 million) profit in its 2015-2016 financial year, a 92 percent rise on the year before.

It also said that revenues had reached 391.8 million pounds, an 11 percent increase on last year.

The club said the highlights from the last year included the opening of the expanded Etihad Stadium and the conclusion of a 17 percent sale in Manchester City’s parent company, City Football Group (CFG) to China Media Capital Holdings. That deal values CFG at $3 billion.

“I believe the 2016-17 season represents the beginning of a critical new phase in the evolution of Manchester City,” chairman Khaldoon Al Mubarak said in a press statement. “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.”

Manchester City are currently top of the English Premier League, after eight games played in the 2016-2017 season. The team finished fourth last season, and hired former Barcelona and Bayern Munich coach Pep Guardiola as manager.

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