Manchester City have made money for the first time since Sheikh Mansour took over seven years ago.

For the 2014/15 financial year, City have announced a profit of £10.7million while revealing that their revenue jumped massively from £5.3m to £352m.

City have constantly lost money since 2008 although negative numbers since the 2010/11 season have began to dramatically decrease from a hit of £197m to a loss of just £23m last season.

Chairman Khaldoon Al Mubarak revealed that it was a happy day for City who are now operating as a genuine money maker.

"To put things in their simplest terms, we are now a profitable business with no debt and no outstanding restrictions," he said.

"The fact that we consider last season to be below par for Manchester City is a testament to how far we have come in the last seven years."

The transfer activity which saw the likes of Raheem Sterling, Kevin De Bruyne, Patrick Roberts, Fabian Delph and Nicolas Otamendi arrive at the Etihad Stadium for more than £150m in the summer was not included in the yearly figures.