LONDON -- Manchester City achieved its second profit under its Abu Dhabi owners prior to a bout of heavy spending on players in the offseason which is aimed at title challenges in England and Europe.As City disclosed its annual financial results, chairman Khaldoon Al Mubarak said Tuesday that the Premier League club has started a critical new phase in the transformation that began with the 2008 takeover by Sheikh Mansour, a member of Abu Dhabis oil-rich ruling family.Profits nearly doubled to 20.5 million pounds ($25 million) in the 2015-16 season, when the only trophy was the League Cup, prompting the replacement of Manuel Pellegrini as manager with Pep Guardiola.City did reach the Champions League semifinals for the first time last season, losing to eventual champion Real Madrid, but only finished fourth in the Premier League. The response was providing Guardiola with around 170 million pounds ($207 million) to lavish on fresh talent in the summer transfer window, including defender John Stones and winger Leroy Sane.I believe the 2016-17 season represents the beginning of a critical new phase in the evolution of Manchester City, Al Mubarak said in a statement. We know that we have the playing, coaching and off-field capabilities at our disposal to achieve great things in English and European football in the years ahead.City, which won the English title for the first time in 44 years in 2012 and then again in 2014, is top of the standings after eight games. City has never won the European Cup and Guardiola faces Barcelona in the Champions League on Wednesday with the team two points behind his former club in Group C.City has had an uncomfortable relationship with the Champions League and competition organizer UEFA, which previously restricted the teams spending and squad size as punishment for breaching Financial Fair Play rules following large outlays on transfers.With limits on how much its wealthy owner can inject into the club, City has focused instead on generating more cash. Citys best Champions League run helped to drive revenue up 11 percent to a club record 391.8 million pounds ($478 million) in 2015-16. Citys neighbor Manchester United last month reported annual revenue of 515.3 million pounds ($628 million).Manchester City is the dominant club in the City Football Group -- which also includes teams in New York, Melbourne, Yokohama -- and was valued at $3 billion last year when a Chinese consortium took a 13 percent stake.---Rob Harris is at www.twitter.com/RobHarris and www.facebook.com/RobHarrisReportsTyler Higbee Jersey . He says so-called TRT is only one problem and he wants to go even further than the ban. "Its about time," St-Pierre told reporters at a promotional event in Montreal on Friday. "I think its a good thing. Deacon Jones Jersey . Perez, 35, posted a 1-2 record with a 3.69 earned-run average in 19 relief appearances last season. His season ended Aug. 9 due to a torn ligament in his left elbow. 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Richmond football manager Neil Balme says the clubs hierarchy must develop a clear list management vision and be prepared to stick with it.But the dual premiership ruckman has warned that changes wont happen overnight as the club looks to improve its mediocre recent performance.One of the games most-respected administrators, Balme spent the past few years at Collingwood but was enticed back to the Tigers following a review of the clubs football department.Balme will commence his new role at Punt Road on Monday, but says he has held talks with coach Damien Hardwick, chief executive Brendon Gale and predecessor Dan Richardson, who will move into a talent management role.As much as were involved in footy and you watch everyone play, you really dont know ... where are all of these players at?, he told SEN radio on Friday.Who have you given up on, if any? Who do you need to work on?Well work through all that. Nothing will happen immediately but theres just got to be a plan to all the things we do.If youre not sure where youre going, if youre waiting for something to happen and then reacting all the time, thats when youre in a bit of strife.Richmond are likely to secure Gold Coast gun Dion Prestia durring the trade period but will need to do more to improve their list, with persistent speculation the club might seek a trade for star midfielder Brett Deledio to free up space for new talent.ddddddddddddThe Tigers are also looking to find new assistant coaches to replace sacked trio Mark Williams, Greg Mellor and Ross Smith.Geelong assistant Blake Caracella spent five years working under Balme at the Cats and could be considered for a role.Balme said he remained on good terms with Collingwood officials and couldnt wait to sink his teeth into his new role after a 37-year absence from Punt Road.For me to finish up now at the Tigers, its a dream I never even was prepared to dream, he said.As its turned out, something that could have been quite difficult has been pretty good from my point of view, in terms of my relationship with the people at Collingwood and a great opportunity to go back to the Tigers.Richmond chief Gale has said the club had already been in talks with Balme before a rebel group seeking a spill of the Tigers board last week called for his appointment. 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