London - Manchester City announced on Wednesday that they had made a profit for the first time since the Premier League club was acquired by Sheikh Mansour bin Zayed in 2008.
City released their annual report for the 2014/15 season which highlighted a 10.7 million profit ($16.5 million, 14.4 million euros) made by the club over the past year.
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"The 2014-15 season marked a historical step in Manchester City's journey," remarked club chief executive Ferran Soriano.
"The financial model and the strategic investment is proven to work. Manchester City is now a profitable, self-sustainable club competing at the highest level in world football," he added.
The Premier league leaders reported record annual revenues of 352 million as well as a seventh straight year of year-on-year growth, while the club trimmed their wage bill to 193.5 million, down from 205 million the previous season.
Meanwhile, during that same period, city rivals Manchester United spent 203 million on wages with Arsenal and Chelsea paying out 192.2 million and 192.7 million respectively.
City missed out on any silverware last season as they finished second to Chelsea in the Premier League and club chairman Khaldoon Al Mubarak added: "The fact that we consider last season to be below par for Manchester City is a testament to how far we have come in the last seven years. This is a level of ambition that we should not shirk or shy away from."