MANCHESTER:  Manchester City have exceeded the £300m threshold for revenues for the first time in the club’s history after revealing their annual report for 2013-14.

The club expect to avoid Financial Fair Play (FFP) sanctions this season after the latest figures show a decreased loss and a record turnover.

City recorded a turnover of £347m with a loss of £23m for 2013-14, £16m of which was a fine paid to UEFA for breaching FFP regulations.

Chairman Khaldoon Al Mubarak spoke positively about the club’s latest figures, outlining their on field achievements after winning the Premier League and Carling Cup last season.

He also pointed to the club’s off field success and the global expansion of the City Football Group organisation, with Manchester City’s ties with sister clubs New York FC, Melbourne FC and Yokahama and the opening of the City Football Academy.

“We have moved beyond the period of heavy investment that was required to make the Club competitive again, it is commercial growth of the kind we are seeing today that will underpin and support our operations in the future,” said the City Chairman.

“Commercial success has never been an afterthought for Manchester City. It has always been an integral part of the strategy implemented under Sheikh Mansour bin Zayed Al Nahyan’s direction since 2008.

“Importantly, Manchester City is entering the next phase of its development with zero financial debt.

“The club is where we hoped it would be when we began this transformation six years ago.

‘Stability and success’

“This is indeed a new era of stability and success for Manchester City and I am excited by what lies ahead for this great Club and everybody involved with it.”

Man City CEO Ferran Soriano added: “This year Manchester City has reached the levels of maturity, strength and stability that it has been working so hard towards over the past six years.

“The 2013-14 season marks not the end but rather the continuation of an incredible journey, with many goals and new developments ahead.

“In our last annual report I wrote of a transformation underway; now I believe the days of Manchester City playing catch up are over.”