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Manchester City have remained sixth in the list of the world's richest clubs, posting club-record revenues of £352.6million.

Figures released by financial experts Deloitte show City are only the second English club in history to break the £350 million barrier, a position set to be boosted by City Football Group's link up with China Media Capital (CMC).

And with a place in the last-16 of the Champions League booked for the third consecutive season, as well as the increase in the capacity of the Etihad Stadium, it seems the upward trajectory of the club's finances is set to continue.

City are profitable for the first time since Sheikh Mansour's acquisition of the club in 2008 and are now looking to grow their commercial partnerships across the world in order to continue their revenue growth.

Ferran Soriano, the club's chief executive, deserves much of the credit for the transformation in City's finances.

Soriano arrived in October 2012, with the club set to announce losses of £97.9million and revenue standing at £231.1 million. His work was hamstrung by an astronomical wage bill that had spiralled out of control during the period immediately after Mansour's takeover when City had paid over the odds for players as they looked to close the gap on the established elite.

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But Soriano has reduced the wage bill significantly, with City remaining competitive on the field, much of which has been down to his ability to create revenue from outside sources

He has consistently found innovative ways to increase City's commercial appeal – including the ground-breaking creation of the City Football Group (CFG), an umbrella group that includes a number of clubs across the globe bearing the City name and donning sky blue.

CFG is extremely appealing to potential partners. City can offer a more comprehensive deal than their competitors. If a company such as Nissan, who became the club's official automotive sponsor back in July, are weighing up which Premier League club they want create a working relationship with, one that offers exposure in all corners of the globe is likely to interest them more.

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And their deal with CMC is likely to be the most ground-breaking of all. It's a partnership which allows City's Abu Dhabi owners to expand into China and sell the City brand in a huge, untapped market. The benefits of that deal are yet to be realised but they could be hugely significant.

Soriano's reign hasn't been flawless. City's failure to pass UEFA's FFP tests, however unfair they are, fell on his shoulders and the club were dismayed by the situation.

The £50million fine and limitations imposed on their squad selection was embarrassing and damaging, particularly given the club felt sure they would be able to come through UEFA's examinations unscathed.

However, the work he has done means FFP concerns are surely now a thing of the past for City. They are established in the game's rich list and are being managed sensibly - a financial powerhouse whose self-sustainability is now clear.

Soriano has fulfilled his brief comprehensively and is surely now considered one of the club's most important figures in the Mansour era.