City announce first profits since takeover

Manchester City announced on Wednesday that they had made a profit for the first time since the Premier League club was acquired by Sheikh Mansour bin Zayed in 2008.

City released their annual report for the 2014/15 season which highlighted a £10.7 million profit ($16.5 million, 14.4 million euros) made by the club over the past year.

"The 2014-15 season marked a historical step in Manchester City's journey," remarked club chief executive Ferran Soriano.

"The financial model and the strategic investment is proven to work. Manchester City is now a profitable, self-sustainable club competing at the highest level in world football," he added.

The Premier league leaders reported record annual revenues of £352 million as well as a seventh straight year of year-on-year growth, while the club trimmed their wage bill to £193.5 million, down from £205 million the previous season.