Last updated on .From the section Football

Kevin De Bruyne became City's record signing when he joined for £55m from Wolfsburg this summer

Manchester City have posted a net profit for the first time since Sheikh Mansour bought the club in 2008.

The Premier League leaders' annual financial figures show they made a profit of £10.7m in the 2014-15 season.

That is despite having to pay some £16m in fines for failing to meet Uefa's Financial Fair Play (FFP) regulations.

City, who posted a loss of £22.9m during the 2013-14 season, saw annual revenue grow for the seventh straight year - to £351.8m.

It is the first time the club's revenue has broken the £350m barrier.

Despite match day revenue falling last season, largely due to the club's early exit from the League Cup and ongoing stadium improvements, City say the club is now valued at £676m.

City also announced they had reduced their wage bill for a second successive year, down to £193.5m compared to £205m for the 2013-14 season.

Manchester United spent £203m on wages last season, while Arsenal spent £192.2m. The most recent figures for Chelsea's wage bill are £192.7m for the 2013-14 season.

"To put things in their simplest terms, we are now a profitable business with no debt and no outstanding restrictions," said City chairman Khaldoon Al Mubarak.

"Our transition to profitability has been a long-planned milestone.

"The fact that we consider last season to be below par is a testament to how far we have come in the last seven years. This is a level of ambition that we should not shirk or shy away from."

City had accumulated losses of £583m over the past six seasons under the ownership of Mansour, a member of the royal family of Abu Dhabi.

It is estimated Mansour's family have as much as $1tn (£648bn) in overseas assets alone.