By Daniel Hunter
Manchester City Football Club will avoid a second season of Financial Fair Play (FFP) sanctions after halving its losses last season.
The Premier League champions reported losses of £23m for the year to the end of May 2014.
City had their £16m Champions League revenue withdrawn by UEFA after it breached the FFP rules. Taking that revenue into account, it suggests that Man City are growing closer to breaking even and making a profit.
Compared with the previous season, Man City's wage-to-revenue revenue was 59%, down from 87%.
The increase Premier League broadcast rights deal, like many other clubs, boosted Manchester City's revenues. It helped the club over the £300m mark for the first time, recording revenues of £347m last season.
The club also reduced its wage bill by £28m from the previous season.
Manchester City Chairman Khaldoon al-Mubarak, said: “Now that 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. Importantly, Manchester City is entering the next phase of its development with zero financial debt.”
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