Manchester City have announced an annual profit for the first time since Sheikh Mansour bin Zayed completed his takeover of the Premier League club in September 2008.
In their annual report covering the 2014-15 season, City announced a £10.7million bottom-line profit for the period in question.
This return means City will not be hit by a repeat of the UEFA Financial Fair Play punishments that limited their squad size and transfer activity for the 2014-15 campaign.
UEFA lifted the restrictions, along with similar sanctions imposed upon Ligue 1 champions Paris Saint-Germain, in July this year.
City’s overall revenues hit record levels of £351.8m, four years on from reporting a record loss of £195m in 2010-11 following a significant outlay on players and infrastructure projects.
In the report, released via Manchester City’s official website, chairman Khaldoon Al Mubarak said: “Our transition to profitability has been a long-planned milestone – one targeted and worked diligently towards since His Highness Sheikh Mansour’s acquisition of the club in 2008.
“As a result, to put things in their simplest terms, we are now a profitable business with no debt and no outstanding restrictions.”
Chief executive Ferran Soriano added: “The 2014-15 season marked a historical step in Manchester City’s journey.
“The seeds of this year’s profit were sown some years ago and many people have contributed to making it happen. They deserve to be thanked and recognised. We also know that this is not the end, but the continuation of a process that should take us to an even brighter future.”
In December 2014, Manchester City opened their new City Football Academy complex adjacent to the Etihad Stadium, housing its senior men’s, women’s and age-group teams, while the capacity of their home ground was expanded to 55,000 in advance of the current season.
The club embarked upon a significant transfer outlay during the 2015 close-season, completing big-money deals to bring in Raheem Sterling and Kevin De Bruyne from Liverpool and Wolfsburg respectively.
Nicolas Otamendi and Fabian Delph also arrived at Eastlands as part of a recruitment drive that came in response to a 2014-15 campaign that Al Mubarak reflected upon with “a degree of disappointment”.
“Despite some strong performances, and a second place finish in the Premier League, the club ended its domestic and European campaigns without a title to show for its efforts,” he said.
“The desire for silverware has always been a critical element of His Highness Sheikh Mansour bin Zayed’s strategy for the reinvigoration of Manchester City FC both on and off the pitch. It’s a strategy predicated on long-term sustainability and the ongoing development of momentum year-after-year.”