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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/RobHarrisReports Air Max 97 China . General manager Jarmo Kekalainen told Aaron Portzline of The Columbus Dispatch on Friday that he wants to see Gaboriks contributions go beyond the scoresheet before considering a long-term deal for the soon-to-be unrestricted free agent. Discount Nike Shoes . The catch: It needs a lot of money, and it needs it fast. http://www.clearanceairmax97.com/ . -- Matt Rupert scored once in regulation and again in the shootout as the London Knights extended their win streak to nine games by defeating the Owen Sound Attack 4-3 on Friday in Ontario Hockey League action. Air Max 97 Outlet . Lack made 20 saves for his third shutout of the season as the Canucks blanked the St. Louis Blues 1-0 in the first post-Olympic game for both teams night. Wholesale Air Max 97 . Boucher previously coached the Tampa Bay Lightning and had a 97-78-20 record over two-plus seasons. He was dismissed by the team last March after the Lightning struggled in the lockout-shortened season with a 13-18-1 record. Greg Chappell will join Australias national selection panel and Trevor Hohns will serve as chairman, after the departure of Rod Marsh from the role on Wednesday. Both appointments have been made on an interim basis only, following an extraordinary meeting of the Cricket Australia board on Wednesday night.Hohns has served on the national selection panel since 2014 in his current tenure, but previously sat on the panel from 1993 to 2006, including 10 years as chairman. Initially, he had continued in his role as Queenslands state talent manager while also serving on the national panel, but will now relinquish that job to focus full-time on selection duties.Chappell has had two previous stints as a national selector, first from 1984 to 1988, shortly after his retirement as a player, and again from 2010 to 2011, before he took up the role of Cricket Australias national talent manager. Chappell will step aside from that position while he serves as an interim nattional selector.ddddddddddddIt is vital that Australian cricket finds the best candidate for this role, Cricket Australias chairman David Peever said. Trevor is highly experienced as a selector, and will ensure we place our best players on the field this summer while we seek a permanent replacement for Rod.Greg has been instrumental in restructuring our youth pathway program, driving the National Performance Squad, the introduction of a CA XI squad in the domestic one-day cup and creating clear pathways for talented youth in Australian cricket to aspire to wear the baggy green. His in-depth knowledge of up-and-coming talent in the Australian system will be invaluable.The board will now begin a search for permanent national selectors, with no deadline having been set. Marshs tenure was originally to have ended in June next year. ' ' '