English Premier League leaders Manchester City on Tuesday announced record turnover of $480 million and its Abu Dhabi owners said the club has reached a "turning point".

City, who were hit by UEFA sanctions over their finances in 2014, announced a 20 million pound ($24.5 million/22.2 million euro) profit from revenues of 391.8 million pounds ($480 million, 436 million euros).

With broadcasting, match-day and commercial revenues all up, City announced a second straight year of profit.

Chairman Khaldoon Al-Mubarak said the 2015-16 season when City reached the Champions League semi-finals was a "turning point" on and off the field.

"Manchester City has now reached a level of sporting and commercial maturity that allows one to feed the other," said the chairman.

"I believe the 2016-17 season represents the beginning of a critical new phase in the evolution of Manchester City."

Broadcasting revenue from Europe and the Premier League increased 19% to 161 million pounds. Matchday income went up from 43 million pounds a year ago to 52.5 million pounds.