Club releases Annual Report
- 29 January 2014 16:00
- Posted by @MCFC
Manchester City has today released its Annual Report for 2012-13.
The detailed document highlights the continued growth and wide ranging achievements across all areas of the Club over the past season. It also includes the full financial record for the 2011-12 year.
Record annual revenues of £271m break £250m threshold for first time in Club’s history
The report reveals that the Club has almost halved its losses for the second consecutive season, posting a net loss of £51.6m, down from £97.9m in the previous reporting period with annual turnover at £271m, breaking the £250m threshold for the first time in the Club’s history. The Club is also for the first time, operating with zero financial debt having paid off all remaining borrowings.
Club maintains positive trend with near halving of losses for second consecutive year
In the report, Chairman Khaldoon Al Mubarak speaks of optimism and of a “renewed sense of confidence for the future”, noting that on and off field success has “generated significant commercial opportunities for the organisation and underpinned a strong momentum for the years ahead.”
Club operating under zero financial debt having paid off remaining external borrowings
Chief Executive Ferran Soriano echoes these sentiments, citing the continued transformation of the organisation and the resulting significant strides made in both loss reduction and increased turnover, saying “ growing revenues and controlled expenses are bringing the Club to break even in the immediate future and profitability thereafter.”