City have today released their Annual Report for the 2011-12 season. The report details the achievements across all sections of the Club over the past season and includes the full financial record for the 2011-12 year.
The report reveals that City has more than halved its losses, reporting a net loss of £97.9m, down from £197.5m in the previous period. Also, the annual turnover has broken the £200m threshold for the first time in City’s history achieving annual revenues of £231.1m in 2011-12.
Recently appointed Chief Executive, Ferran Soriano, commented on the results and have given his thoughts on the club:
What I have found is a Club on the verge of a historic transformation, reinforced by a genuine commitment to doing things well. It is a Club with a rich history and the potential for an even brighter future.
Whilst the 2011-12 financial results represent a further step towards achieving the Club’s objective of long-term sustainability both on and off the field, the application of UEFA allowable reliefs for certain categories of expenditure and investment in 2011-12, position the Club well for compliance with UEFA’s Financial Fair Play regulations which come into effect in season 2013-14.
To read the report in full click here.