Man City 'have a long way to go' despite record turnover

Man City 'have a long way to go' despite record turnover

The announcement comes as a 21 percent rise in turnover for the Citizens and marks the ninth consecutive year of improved financial performance for the Manchester giants.

A one-off change in the financial reporting period had an "adverse impact on profitability".

Manchester City is owned by Sheikh Mansour bin Zayed Al Nahyan via his investment company, Abu Dhabi United Group.

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'.

Manchester United suffered a blow to their Premier League title hopes on Sunday when they were beaten 1-0 by Chelsea at Stamford Bridge to leave them eight points behind their bitter local rivals.

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They have reached the knockout stage of the Champions League with two games to spare and visit Leicester in the Carabao Cup quarter-finals next month.

The news will come as music to Rafa Benitez's ears following a summer bereft of cash to splash to strengthen his side, as the Magpies are set to welcome a chunk of the £80m, which is divided amongst the 20 Premier League clubs.

The report expressed disappointment at the failure to win a trophy past year, with Al Mubarak saying "on-field success and financial sustainability must exist hand-in-hand".

Chief executive Ferran Soriano said: "We are committed to playing handsome football and to win".

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