Officials say they are confident that the club will return to profitability next year and say their business “remains fundamentally strong”.
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The annual report said last season’s runaway Premier League champions had enjoyed revenues of £500.5 million — a 44 per cent increase in five years
The statement said: “City are delighted to announce that Pep Guardiola has signed a contract extension that will see him remain as manager until the end of the 2020-21 campaign.”