The Citizens were not big spenders this summer, despite selling Julian Alvarez to Atletico Madrid.
City brought in Savinho for a modest fee, Ilkay Gundogan as a free agent, and Divin Mubuma for a low fee.
"We got a good offer and we had an extraordinary profit but we were not counting on it,” City chief executive Ferran Soriano told the FT.
“This is important because for Manchester City the objective is to win and to be financially sustainable. It’s not to make an extraordinary profit every year. We have to assume this has ups and downs.”
He added: “Our financial situation is very stable because our football situation is very stable. Other teams — they change the coach every two years. Life is very difficult because you have to rethink the whole thing.”