Manchester City post first annual profit since 2008

Johannesburg: 2015 Premier League leaders Manchester City have posted their first annual profit since it was bought by Sheikh Mansour bin Zayed in 2008.

A statement by the club confirmed the news, saying that the City has made a profit of 10.7 million pounds in 2014-15 season, Sport24 reported.

City chairman Khaldoon Al Mubarak said that the club was not bearing any debt or outstanding restrictions, insisting that the team was in profit now.

Last year, City was fined with a hefty fine of 60 million euros for breaching UEFA's Financial Fair Play (FFP) rules, which are designed to make football clubs more financially sound.