Manchester City earns record revenue

English Premier League leader Manchester City on Tuesday announced record turnover of $480 million and its Abu Dhabi owners said the club has reached a "turning point".

City, which was hit by UEFA sanctions over its finances in 2014, announced a $24.5 million profit from revenues of $480 million.

With broadcasting, match-day and commercial revenues all up, City announced a second straight year of profit.

Chairman Khaldoon Al-Mubarak said the 2015-16 season when City reached the Champions League semifinals was a "turning point" on and off the field.

"Manchester City has now reached a level of sporting and commercial maturity that allows one to feed the other," said the chairman.

"I believe the 2016-17 season represents the beginning of a critical new phase in the evolution of Manchester City.

"We know that we have the playing, coaching and off-field capabilities at our disposal to achieve great things in English and European football in the years ahead."

Broadcasting revenue from Europe and the Premier League increased 19 percent to $197 million. Matchday income went up from $52 million a year ago to $65 million pounds.

Other commercial revenues, including merchandising, increased from $431 million to $481.

In the past year City has appointed Pep Guardiola, one of Europe's most successful coaches, while China Media Capital Holdings has become a key new investor.

City said its salary bill was down to 50 percent of revenues, which it said was one of the best ratios in the Premier League.