Manchester City announce record revenues and profits to the delight of chairman Khaldoon Al Mubarak

City, last month named club of the year at the Ballon d'Or ceremony, recorded revenues of £613million and a profit of £43.2million for the period covering July 1 2021 to June 30 2022 as the financial impact of the Covid-19 pandemic was all but removed.

Those results, coupled with a fourth Premier League title in five years under Pep Guardiola and success for the women's team and youth squads, said City's ownership was achieving the goals set out when the Abu Dhabi United Group took over the club 14 years ago, according to Khaldoon.

He said: "In 2008, we gave ourselves the target of exceeding the benchmarks that had been set by others within football; and in doing so, to also exceed the new standards that we believed leading clubs would achieve in the time it would take us to catch up.

"Our aim was clear - to one day be the club that set the benchmark for others. The statistics and results show that in many ways we are beginning to achieve our long-term ambition."

City's revenues were up £43.2m on the previous year, when lockdown saw the majority of games played behind closed doors.

The return of fans to the Etihad Stadium brought £54.5million in matchday revenues, coupled with an increase in commercial activity from £271.7m to £309.5m.

That was partially offset by a drop in broadcast revenues of £48.4million related to the delay in completing the delayed 2019-20 season.

Player sales for the period brought in £67.7m - taking revenues from the transfer market to more than £250m in the last five years. City also reported a slight drop in the wage bill for players, from £310.7m to £308.7m.

The figures do not include the summer transfer window, when City signed Erling Haaland, Kalvin Phillips, Manuel Akanji, Stefano Ortega and Sergio Gomez but still brought in a net income of £35m thanks to the sale of 17 players including Raheem Sterling, Gabriel Jesus and Oleksandr Zinchenko.

"Our motivation to place the COVID-19 pandemic firmly behind us helped our talented people achieve the most successful financial year in the club's history," Khaldoon added.

"The best players in world football are making us their destination of choice; our player trading was executed with great skill and positive financial outcomes, and our commercial partnerships continued to deepen and expand by geography and sector.

"But football does not stand still and other leading clubs continue to evolve and develop. We therefore need to constantly challenge ourselves to improve upon what we have achieved…

"As we reflect on the 2021-22 season, I do so with immense pride in the work and commitment of all of our City family, that has allowed us to emerge from the pandemic with strong finances and further on-pitch successes."