Manchester City posted record revenues of £473.4 million for 16-17, but profits were down from £20.5 million to £1.1 million.

City’s wage bill looks to be responsible for much of the increased spend, having risen from £197.6 million to £264.1 million for the 13-month period following Pep Guardiola’s arrival as manager.

Chairman Khaldoon al-Mubarak said: “For the third consecutive year our business is profitable and revenues continue to grow to record levels for the ninth successive season, pushing beyond £400m and towards the £500m mark.We also continue to operate with zero financial debt. Beyond Manchester, our global footprint continued to expand with our community engagement programmes reaching ever further afield, with expanded digital outreach and new global partnerships.”