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|Manchester City posted record revenues of £535 million after winning a domestic quadruple of trophies last season. (Photo: AFP/Glyn Kirk)|
A 20 per cent surge in broadcast revenue saw City's income rise from £500.5 million in the 2017/18 season.
Pep Guardiola's men completed an unprecedented quadruple of England's domestic trophies by winning the Premier League, FA Cup, League Cup and Community Shield.
The sale of a host of players unable to break into the first team helped boost profits to £10.1 million.
Prior to Sheikh Mansour's takeover of City in 2008, the club's revenue was a mere £87 million.
Huge losses of over £584 million followed during the first six years of their ownership due to massive investment in the playing squad and facilities, including the £200 million Etihad Campus training ground.
However, a boom in commercial and broadcast revenue brought about by continued qualification for the Champions League and four Premier League titles in the past eight seasons has seen City post a profit in each of the past five years.
"As intended by His Highness Sheikh Mansour, our organisation is now at a level of maturity that enables us to plan on multi-year cycles both in terms of our management of squads and more widely across the business," City chairman Khaldoon Al Mubarak said in a statement.
"This strategic planning has allowed us to create an environment in which continued on-pitch success is both possible and likely, and financial sustainability is a reality."
City's income is still dwarfed by local rivals Manchester United's £627 million revenue for the 2018/19 season.
However, the gap between the two will be significantly closer this season with United expecting their income to fall to between £560-580 million due to a lack of Champions League football.
City's figures for this season will also be bolstered by a club record kit deal with Puma worth a reported £65 million a season over the next 10 years.
However, the club are still under scrutiny due to an investigation from UEFA into alleged breaches of financial fair play (FFP).
The investigation into City is based on leaked emails published last year by German magazine Der Spiegel that City flouted FFP regulations by inflating the value of sponsorship deals.
Possible punishments include a ban from the Champions League, a transfer ban or a fine.