Hauling City into Europe's elite is coming at a hefty price for owner Sheikh Mansour, whose spending on the Blues has catapulted well beyond £1billion. Although record turnover of £231.1million is dwarfed by Manchester United's £320.3million, it shows just how much progress City have made.
Ferran Soriano: "There are many reasons to be optimistic.
"Having returned to the summit of English football in 2011-12, the club has earned the chance to compete for a place as one of the biggest and most successful globally in the years ahead.
"It is an opportunity we will work hard at to achieve."
A£80million comes from contracts that pre-date 2010, from which City expect to get some kind of relief.
While the results, for the year to May 31, 2012, show marginal increases in gate receipts and TV revenue, it is in the commercial sector where City are making huge gains.
Revenue has gone up from £64.7million to £121.1million, underlining City's increased growing global exposure, which is being shown in all areas, from merchandise to club tours.
Other contracts, such as a new kit manufacturing contract with Nike, point to increased commercial revenue in the years ahead.
Meanwhile, City's overall wage bill has risen from £151.6million to £178.1million.