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 Dhabi's 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. More...