December 13 – Manchester City have announced a club-record revenue of £715 million for their 2023/24 financial year, alongside profits of £73.8 million.
While revenue increased by £2.3 million compared to the previous year, profits were slightly down from the £80.4 million recorded during the club’s historic treble-winning campaign, which was bolstered by Champions League prize money.
Player sales have played a pivotal role in City’s financial stability. Over the past five years, the club has generated £405 million from player transactions, including £139 million in the current reporting period ending 30 June 2024 – an increase from £121.7 million the year prior.
This emphasis on transfer market efficiency has been a driving factor behind the club’s healthy financial position, particularly in relation to the Premier League’s profit and sustainability rules.
The club is facing charges of breaching more than 100 of the Premier League’s FFP rules and are currently before an independent commission that will make a ruling on the breaches following a four-year probe into their conduct between 2009 and 2018.
This week the number of charges against the club were increased from 115 to 130. Of the original 115 charges, 80 are for breaches of regulations from 2009 to 2018 while the remaining 35 relate to failing to cooperate with the Premier League’s investigation.
The clubs latest accounts show solid performances across all revenue streams. Matchday revenues rose by £3.7 million to £75.6 million, despite hosting five fewer home fixtures compared to the previous season. However, the rise in ticket prices earlier this year led to significant backlash from supporters, with many fans calling for freezes amid the club’s growing financial success.
Broadcast revenues were slightly down overall with UEFA TV revenues dropping about £8 million to £104 million while Premier League broadcast revenues increased by £5 million to £190 million.
Staff costs were reduced by £10 million against the previous year with the clubs 611 employees (including the playing department) costing £412 million. On total operating costs of £779 million there is a comfortable player wage-to-revenue of about 60%.
City’s global reach continues to expand, with their men’s and women’s teams drawing an ‘audience’ of 694 million across all competitions in 2023-24. Meanwhile, the club’s social media platforms achieved an astounding 10 billion interactions.
For Man City it has long been about brand and while the club’s revenue lines are not the highest in the Premier League, they argue their brand is.
“Our brand value continued to rise, with a 7% increase to £1.4 billion, reaffirming our position as the Premier League’s most valuable club, according to the Brand Finance Football 50,” said CEO Omar Berrada.
Club chairman, Khaldoon Al Mubarak, referenced a focus “on further evolution and growth” in his remarks, emphasising the further development of the Etihad Campus in Manchester.
“Infrastructure has been, and always will be, an important focus and in particular the Etihad Campus ecosystem. The current £300 million expansion of the north stand of the stadium builds on our investment in the Co-op Live Arena, and will result in the creation of an entire entertainment destination. Additionally, our new dedicated Women’s training facility, scheduled to open during the 2025-26 season, will sit within an expanded City Football Academy, and reflect our ongoing commitment to the Women’s game and our wish to win titles and set standards,” said Al Mubarak.
On the pitch, Pep Guardiola’s side has struggled of late, winning just once in their last 10 matches and sitting fourth in the Premier League, eight points adrift of leaders Liverpool, who have a game in hand.
However, with a strong financial base, including over £100 million from the sales of Julián Álvarez and João Cancelo yet to be accounted for, the club is well-positioned to invest in squad reinforcements in the upcoming transfer windows.
However, whatever is happening on the pitch and off it in the boardroom the club elephant in the room is still the independent commission looking into the allegations of the club’s financial fair play breaches. That commission is reportedly working flat out to bring resolution to the FFP cloud that is hanging over the club and the Premier League and could make its final ruling by the end of January.
Contact the writer of this story, Harry Ewing, at moc.l1734878148labto1734878148ofdlr1734878148owedi1734878148sni@g1734878148niwe.1734878148yrrah1734878148, additional reporting by Paul Nicholson at moc.l1734878148labto1734878148ofdlr1734878148owedi1734878148sni@n1734878148osloh1734878148cin.l1734878148uap1734878148