Manchester City are set to spend in January as they REDUCE their wage bill and reveal record earnings – while making a telling statement about 115 fighting charges

Manchester Citythe ability to back Pep Guardiola in the transfer market should be further bolstered by cutting wage costs and posting record earnings in their latest accounts.

City’s annual report, published on Friday morning, revealed revenue reaching £715m for the year to the end of June along with a profit of £73.8m.

Wages fell from a record £422m to £412m despite the hiring of 91 new staff across the football and administration departments.

City plan to spend in Transfer January market – with a midfielder top of their priority list – and posted a £139m trading profit for the year.

This figure does not include Julián Alvarez’s sales of Atlético Madrid, Joao Cancelo and numerous academic products – estimated to be worth almost £93 million in total.

The figures suggest City can comfortably bolster Guardiola’s side after a run of seven defeats in 10 games in all competitions – and underline the financial strength ahead of Sunday’s derby with Manchester United.

Manchester City’s ability to support Pep Guardiola in the transfer market needs to be strengthened

City plan to spend in the January transfer market – with midfielders as their top priority

City’s financial report made a two-paragraph reference to the independent commission’s hearing into the Premier League’s allegations of alleged financial wrongdoing.

The City “welcomes retrial of this matter … to impartially consider the comprehensive body of unrebutted evidence that exists to support its position.”

Listed external charges increased from £156m to £172m. Additional fees related to transfers and contracts, including loyalty bonuses, rose by £29m to £291m.

“Our constant ambition to strive for and achieve the unprecedented is a hallmark of the organization we have become,” said Chairman Khaldoon Al Mubarak.

“On and off the field, our passion for the next challenge is underpinned by deliberate and detailed planning and a shared belief in the culture of collaborative learning we have built.

“This organizational approach is now part of our DNA. This is a product of the unwavering focus on continuous improvement in every aspect of the organization that has existed since His Highness Sheikh Mansour became the club’s patron in 2008.