English Premier League leaders Manchester City on Tuesday announced record turnover of $480 million and its Abu Dhabi owners said the club has reached a "turning point".
City, who were hit by UEFA sanctions over their finances in 2014, announced a 20 million pound ($24.5 million/22.2 million euro) profit from revenues of 391.8 million pounds ($480 million, 436 million euros).
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 semi-finals 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% to 161 million pounds. Matchday income went up from 43 million pounds a year ago to 52.5 million pounds.
Other commercial revenues went up from 351 million pounds to 391 million pounds.
In the past year, City have appointed Pep Guardiola, one of Europe's most successful coaches, while China Media Capital Holdings has become a key new investor.
City said that its wage bill was down to 50 percent of revenues which it said was one of the best ratios in the Premier League.