Manchester City posted another year of profits thanks to further gains made from selling players in the transfer market, as the English football champions kept their grip on the title despite off-field distractions from legal battles with the Premier League.
The club reported a net profit of more than £73 million (€88 million) in the year ended June 30th, slightly down from roughly £80 million the prior financial year, according to its annual report for the 2023-24 season.
Full-year revenues increased by £2.2 million to £715 million, a club record, as City won the Premier League for an unprecedented fourth consecutive season.
City’s revenues had jumped by roughly £100 million the prior financial year, as the men’s team became only the second English team to win the treble of the domestic league, FA Cup and Champions League.
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Higher match day and commercial revenues were partly offset by a decline in income from broadcasting after City exited the Uefa Champions League, the lucrative European competition, in the quarter finals. City, which had won that trophy in 2023, lost to eventual winners Real Madrid.
While full-year operating expenses increased by roughly £26 million to almost £780 million, City once again turned a sizeable return thanks to higher profits from selling players in the transfer market. Those gains leapt to £139 million, up from more than £121 million the prior season.
“Winning the treble in the previous season did not generate any sense of complacency in our teams, on or off the pitch,” City chief executive Ferran Soriano said in a statement. “But it did remind us of how the size of the challenge increases every time we raise the bar.”
However, the results come at a testing time for City on the field and behind the scenes. The club is awaiting the outcome of a review by an independent commission after the Premier League accused the champions in February 2023 of more than 100 breaches of its rules. City has denied the allegations.
The section of the annual report that sets out the risks and uncertainties the club faces reiterated that City welcomed the review of “the comprehensive body of irrefutable evidence that exists in support of its position”.
Following four league titles in a row, City’s performance has dipped this season, with injuries to players such as Ballon d’Or winner Rodri having taken their toll.
City are fourth in the Premier League after losing four of 15 matches so far, one more than in all of last season. In the Champions League, they are 22nd in the standings after losing to Juventus in Italy this week. On Sunday, City will host Manchester United in the first derby since their local rivals appointed new head coach Ruben Amorim.
The annual report acknowledged that “significant revenues are dependent upon strong team performances in the Premier League, domestic and European Cup competitions”.
Sheikh Mansour bin Zayed Al Nahyan, a member of the Abu Dhabi ruling family, acquired the club in 2008. It now sits within City Football Group, which owns a network of clubs around the world. While Sheikh Mansour retains control of CFG, US investment firm Silver Lake is a minority shareholder.
Man City is working on a £300 million project to expand capacity at its home stadium to more than 60,000, along with leisure and retail facilities and a hotel. The average attendance for Premier League matches at home was 53,346 in 2023-24.
“Infrastructure has been, and always will be, an important focus and in particular the Etihad Campus ecosystem,” said City chair Khaldoon Al Mubarak, who is also chief executive of Abu Dhabi sovereign investor Mubadala. – Copyright The Financial Times
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