Manchester City report record profits to match best football season on pitch

LONDON – After capturing their first treble last season, Manchester City reported on Wednesday that their success was matched off the pitch with record profits, their highest-ever revenue, and recognition as the most valuable football brand in the world.

The club, majority owned by Sheikh Mansour since August 2008, earned revenues of £712.8 million (S$1.2 billion) to June 2023 according to their annual report, an increase of £99.8 million (16.3 per cent) over the previous season, along with a record net profit of £80.4 million.

“The 2022-23 season saw Manchester City scale new heights and set new benchmarks,” City chairman Khaldoon Al Mubarak said.

“In short, last season saw City achieve the greatest football and commercial year of its storied history.”

City experienced growth over the previous year across all revenue streams of commercial, match day and broadcasting.

Commercial revenues accounted for £341.4 million, followed by broadcast at £299.4 million and then match day at £71.9 million, for a profit of £80.4 million, nearly doubling the previous year’s record profit of £41.7 million.

Match-day revenue saw an increase of £17.4 million (32 per cent), although the average attendance of 53,249 fans over 19 Premier League games was just shy of their record of 54,130 set in 2018-19.

Broadcasting revenues climbed by £50.4 million over the previous year (20.2 per cent), primarily due to the club reaching and winning the Champions League and FA Cup finals.

Profits also benefited from significant player trading with £121.7 million generated from transfers, up a significant 79.8 per cent over the previous 12 months.

City earned top spot on the Brand Finance Football 50 list with a brand value of €1.51 billion (S$2.21 billion), passing La Liga side Real Madrid (€1.46 billion).

It marked the first time an English club had earned the No. 1 spot since 2018, with the report citing City’s decade of dominance on the pitch and the highest revenue of any of the clubs as key reasons for their rise in the rankings.

City also topped the Deloitte Football Money League for the second consecutive year with the largest revenues of any European club, ahead of runners-up Real.

But in early 2023, City were charged by the Premier League with more than 100 breaches of rules that required the club to provide “more financial information that gives a true and fair view of the club’s financial position”, the league said in a Feb 6 statement.

Wednesday’s financial report addressed the charges, saying: “In February 2023, in response to the charges, the club issued a public statement that it welcomes the review of this matter by an independent commission, to impartially consider the comprehensive body of irrefutable evidence that exists in support of its position.”
REUTERS