Man City lead Premier League title race as Liverpool move to second

It puts them within touching distance of Real who sit on top of the football world with £137m profits from £733m revenue for the same period. Chairman Khaldoon Al Mubarak vowed City would not rest until they had reached even greater heights despite their best season on and off the pitch.

He said: “In the aftermath of the Champions League win in Turkey and the completion of the treble the question I was asked most was how do you top that? The answer is by doubling down on proven philosophies and practices that have brought us this success and to challenge ourselves to continue to constantly innovate in order to achieve new levels of performance both on and off the field.

“Success today simply means further investment for tomorrow. Our financial health and on field success mean everyone connected at Manchester City can look forward to the future with excitement. Our collective achievements give me huge confidence that together we can accomplish even more in the years to come.”

Manchester City are closing in on Real Madrid as world football’s biggest hitters (Image: GETTY)

The numbers City’s financial report posted were impressive with a £100million leap in revenue to £712.8 million and a near doubling of profits from £41.7m to £80.4m. Those jumps saw them not only close the gap on Real Madrid as the biggest club in the world but put clear water between them and neighbours Manchester United who had posted a Premier League record figure of £648.4m for the same period last month.

City’s figures were boosted by broadcast revenue which leapt to just shy of £300m as Guardiola’s side competed all the way in two Cup competitions and took a third successive Premier League trophy. That success saw a wage bill increase from £308m to £368m on account of the treble triggering bonus and performance related payments to players and management.

City capped off a historic treble last season by winning their first Champions League title (Image: GETTY)

Wages are still a relatively healthy 51 per cent of revenue on last year’s figures and well below the 70 per cent maximum level recommended by the European Club Association. City have achieved success at all levels of the organisation with the annual report emphasising the achievement of both the EDS and U18 teams which, like the first team, won their third consecutive titles.

And the success of the academy translated not only to promise for the future but ready cash in the present with academy sales helping the club achieve a transfer surplus of £121m. Ferran Soriano, City’s chief executive, welcomed the figures but insisted that Pep Guardiola and his management team were driven to continue to achieve in what looks set to be a tight title race.

“The great achievements of last season will not make us complacent, that is for sure,” he said. “Instead we see them as part of a journey that continues.”