Manchester City, the English soccer giants, have today announced a second consecutive year of record-breaking revenues and profits following a treble-winning 2022-23 season.
The club has reported revenues of £712.8 million ($888.3 million) for the financial year ended 30 June 2023, setting a new Premier League record. This surpasses the previous record of £648.4 million set by rivals Manchester United just last month (October).
Man City’s turnover was up £99.8 million from £613 million last year, which saw them post a profit of £80.4 million, almost double that of the previous year’s record of £41.7 million.
The team’s three main income streams of commercial, broadcast, and matchday all produced significant year-on-year growth as they enjoyed a historic season winning the Premier League, UEFA Champions League, and FA Cup.
The club was boosted by earning an extra £50.4 million in broadcast income compared with the previous year, largely due to their first Champions League success where they beat Italy’s Inter Milan in the final in Istanbul in June.
Overall broadcast revenue stood at £299.4 million for the year as Man City also played more home and away games across all competitions.
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Matchday revenue was £71.9 million, an increase of £17.4 million. The club played 31 home games across all four competitions (Champions League, Premier League, FA Cup, and Carabao Cup). In the prior 2021-22 season, 27 home games were played.
Commercial income for the year was £341.4 million, an increase of £32 million, or 10.3%, over the prior year, due to new sponsorship agreements.
The club additionally posted a net profit of £121.7 million on player sales last year.
Khaldoon Al Mubarak, Man City chairman, said: “In short, last season saw Manchester City achieve the greatest football and commercial year of its storied history. The season was the validation of a philosophy and sustained approach that has defined the club since Sheikh Mansour became its custodian in 2008.
“Our financial health and on-field success mean everyone connected to Manchester City can look forward to the future with excitement. Our collective achievements give me huge confidence that together we can accomplish even more in the years to come.”
Earlier this year, Man City unveiled plans to build a fan experience and year-round entertainment facility at their Etihad Stadium home ground.
The Premier League champions are seeking to increase the stadium’s capacity to over 60,000.
Despite the club’s success on and off the pitch, it is being investigated by the Premier League for over 100 alleged financial rule breaches over the space of nine seasons, as well as over a subsequent failure to comply with investigators over the last four years.
Following a four-year investigation, the league published a list of alleged rule breaches – including a failure to provide accurate information relating to sponsorship revenue – in February which between them relate to every season between 2009-10 and 2017-18.
The move by the league to send City’s alleged rule-breaking to a commission is unprecedented, and potential sanctions include points deductions, financial penalties, and even the unlikely option of full expulsion. The investigation first began in December 2018 and was first confirmed in March 2019.