By Mike Keegan For Mailonline
Published: 12:59 GMT, 19 November 2019 | Updated: 12:59 GMT, 19 November 2019
Manchester City have announced record revenues of £535m.
The Premier League champions released their financial figures for 2018-19 on Tuesday afternoon, which they say highlight the eleventh year of growth under Sheikh Mansour and feature a £10.1m profit.
As revealed by Sportsmail on Tuesday morning, club officials are expecting a further rise to around £560m for 2019-20, thanks in no small part to a new £650m 10-year kit deal with Puma.
Manchester City are poised to match the financial performance of rivals Manchester United
That will put them on course for parity with neighbours United, who are projecting revenues of between £560m and £580m for the same period. Last year, City broke the £500m barrier for the first time.
The club, which this year entered its second decade under the ownership of the Abu Dhabi United Group, also reported a profit of £10.1m.
Chairman Khaldoon Al Mubarak declared the results ‘represent not just a season, but a decade of hard work’ and added: ‘The organisation is now at a level of maturity that enables us to plan on multi-year cycles both in terms of our management of squads and more widely across the business.
'This strategic planning has allowed us to create an environment in which continued on-pitch success is both possible and likely, and financial sustainability is a reality.’
Al Mubarak also vowed that City would ‘continuously improve and innovate, be that on the pitch, commercially, in infrastructure development or in our service to fans and our community’.
City are currently subject to a UEFA investigation into claims they breached Financial Fair Play rules. A decision is expected next month.