Manchester City have announced a profit of £2.4m and revenues of £569.8m in their annual report for the 2020-2021 season.
The Premier League leaders saw their revenue increase by 19 per cent.
The profits came despite a season disrupted by Covid-19 which saw restrictions placed on stadium capacities – City’s matchday income was down 98 per cent in the 2020-2021 season on the year prior.
The decrease in financial income through stadium use was offset by the club increasing revenue through other streams – notably making their first ever Champions League final.
The congested fixture list towards the back end of the 2019-2020 season has been included, alongside reaching the latter stages of Cup competitions, in the broadcast revenue calculation, which increased 56 per cent on the year before to £297m.
Commercial revenue increased by 10 per cent, too, thanks to new partners such as Cadbury and AxiTrader.
The club’s revenue of £569.8m is the third time in the last five seasons that the club have broken the £500m barrier.
The club were estimated to have lost £126m in the 2019-2020 season after making profits of over £10m in the two years prior.
In the 2020-2021 season, Manchester City won the Premier League and Carabao Cup while making it to the final of the Champions League and the semi-finals of the FA Cup.
In comparison to other clubs, Manchester City is now seen as the fourth most valuable – at over £930m – behind Spanish duo Real Madrid and Barcelona, and fellow Mancunian club United.