Manchester City chairman Khaldoon Al Mubarak lauded the club's 'most successful financial year' after they announced record profits of £41.7million.

Accounting for last season, the Premier League champions increased revenues again to a record £613m during the first full period with supporters back in stadiums and away from Covid restrictions.

City believe that player trading, and utilizing the City Football Group's multi-club model, has contributed significantly in continuing to invest following the pandemic.

City, who reached the semi-finals of the Champions League and FA Cup, saw their wage bill – taking in 549 employees – drop slightly to £353.9m.

They do, however, expect that to rise next year given the big-name arrivals of Erling Haaland, Kalvin Phillips and Manuel Akanji in recent months.

City's commercial operation, which has recently been criticised for a failure to undertake proper due diligence on nominal deals with smaller companies, has continued to grow.

Forty-six global and regional partners are currently listed on City's website, with commercial revenues last season rising to £309.5m, put down to the new sponsors and the return of concerts to the Etihad Stadium.

City's recent summer transfer business – the capture of Haaland, significant sales of Raheem Sterling and Gabriel Jesus – are not included in the latest round of financial results.

They have a potential £197m left to pay existing squad members and former clubs in additional transfer fees, signing-on payments and loyalty bonuses - with much dependent on success on the pitch. That was down by £30m from the previous year but is expected to rise next term.