Manchester City recorded another year of profits thanks to gains made from the sale of players in the transfer market, in a season in which the club once again maintained its title as English champion, despite off-field distractions related to legal battles with the Premier League.
The club reported a net profit of more than £73 million in the year ended June 30, down slightly from approximately £80 million in the previous financial year, according to its annual report for the 2023/24 season.
Annual revenues increased by £2.2 million to reach £715 million, a club record, while City won the Premier League for the fourth consecutive season, a unprecedented feat.
City’s revenue had jumped by around £100 million in the previous financial year, when the team became only the second English team to win the treble, winning the Premier League, the World Cup of England and the Champions League.
Higher commercial and matchday revenues were partly offset by a decline in broadcast revenue after City exited the Champions League, the lucrative European competition, in the quarter-finals. City, who won the trophy in 2023, lost to eventual winners Real Madrid.
While annual operating expenses rose by around £26m to almost £780m, City once again made a sizeable return thanks to increased profits from the sale of players on the transfer market. These earnings jumped to £139 million (R$1.05 billion), up from more than £121 million (R$912 million) the previous season.
“Winning the treble last season did not generate any sense of complacency within our teams, on or off the pitch,” City CEO Ferran Soriano said in a statement. “But it reminded us 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 pitch and behind the scenes. The club awaits the outcome of a trial by an independent commission, after the Premier League accused the champions, in February 2023, of more than a hundred violations of its rules. City denied the allegations.
The section of the annual report setting out the risks and uncertainties facing the club reiterated City’s position on the “comprehensive body of irrefutable evidence that exists in support of its position”.
After four consecutive league titles, City’s performance has dipped this season, with injuries to players such as Ballon d’Or winner Rodri affecting the team.
City are fourth in the Premier League after losing four of their 15 games so far, one more than they lost all of last season. In the Champions League, they are 22nd in the standings after losing to Juventus in Italy this week. On Sunday (15), City will host Manchester United in the first derby since their local rivals appointed new coach Ruben Amorim.
The annual report recognized that “significant revenues depend on strong team performances in the Premier League, domestic and European competitions”.
Sheikh Mansour bin Zayed Al Nahyan, a member of Abu Dhabi’s ruling family, acquired the club in 2008. It is now part of CFG (City Football Group), which owns a network of clubs around the world. While Sheikh Mansour maintains control of CFG, American investment firm Silver Lake is a minority shareholder.
Manchester City is working on a £300 million project to expand the capacity of its stadium to more than 60,000 seats, along with leisure and retail facilities and a hotel. The average attendance for Premier League home games was 53,346 in 2023/24.
“Infrastructure has been, and always will be, a key focus and in particular the Etihad Campus ecosystem,” said City Chairman Khaldoon Al Mubarak, who is also CEO of Abu Dhabi sovereign investor Mubadala.
