LONDON, Nov. 8 -- English Premier League leaders Manchester City Wednesday reported record revenues and a third consecutive year of profitability.

The club generated revenues of 620 million U.S. dollars in the 13-month period ending June 30, 2017, representing a 21 percent increase over the previous year.

The club said the results also represented the ninth successive year of improved financial performance.

The club earned 267 million U.S. dollars in broadcast revenue, an increase of 26.1 percent over 2016. The payroll bill swallowed up 56 percent of its revenue.

Premier league matches at its Etihad Stadium averaged just over 54,000.

In the report, club chairman Khaldoon Al Mubarak said revenue growth was moving towards the "500 million pounds" mark, reiterating the club's long held position that "on-field success and financial sustainability must exist hand-in-hand."

CEO Ferran Soriano said that while finishing the season empty handed was unsatisfactory, the team showed at periods throughout the season "exactly the type of quality football we want to be playing."

Manchester City is owned by Sheikh Mansour bin Zayed Al Nahyan via his investment company, Abu Dhabi United Group.

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