• Premier League

City confident of avoiding FFP fines

Manchester City are confident of avoiding Financial Fair Play fines this season after drastically cutting their losses compared to last year.

The club have announced record revenues of £347 million for the 2013-14 financial year, reducing their losses to £23m.

It was the club's lowest annual loss since Sheikh Mansour took control in 2008, and is a sign that they are moving closer to breaking even after chairman Khaldoon al Mubarak said the era of "heavy investment" looked to be over.

Manchester City's title win helped increase revenues © Getty Images

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City's losses included a £16m UEFA fine for breaching FFP regulations in the previous financial year.

Last season, when they won the Premier League and the League Cup, as well as reaching the knockout stages of the Champions League for the first time, they recorded significant rises in income across the board.

Commercial revenue went up by 16% to £165.8m, broadcast revenue rose by 51% to £133.2m and match-day revenue was up 20% to £47.5m.

"The club is where we hoped it would be when we began this transformation six years ago," Al Mubarak said in the annual report.

"Now 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."

City had a net spend of £76m in a financial year when they bought Fernandinho, Jesus Navas, Stevan Jovetic and Alvaro Negredo.

They have also reduced their wages-to-turnover ratio from 86% to 59%, cutting their wage bill to £205m.

City had posted losses of £197.5m in 2010-11, £97.9m in 2011-12 and £51.6m in 2012-13.

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