Man City leapfrog Man Utd, posting record revenue of £712m

November 15 – After capturing their first treble last season, Manchester City’s success on the field has been matched off it with record profits and the highest ever revenue and wage bill for a Premier League club.

Majority owned by Abu Dhabi’s Sheikh Mansour since August 2008, City earned revenues of £712.8 million in the financial year to June 2023 according to Manchester City FC Ltd.’s annual report, an increase of £99.8 million (16.3%) over the previous season, along with a record net profit of £80.4 million.

The record revenue smashes the previous £648.4 million record posted last month by Manchester United while the new profit figure is almost double last year’s club record of £41.7 million.

The figures are all the more remarkable given that City’s wage bill rose by almost £70 million to £422.89 million, the first club in British football history to see wages smash through the £400 million barrier. Interestingly, however, wages accounted for just 59% of turnover.

City’s broadcast revenue, meanwhile,  went up by more than £50 million to £299.4 million, principally due to income from UEFA for their successful Champions League campaign.

“The 2022-23 season saw Manchester City scale new heights and set new benchmarks,” City chairman Khaldoon Al Mubarak said in a statement. “In short, last season saw Manchester City achieve the greatest football and commercial year of its storied history.”

“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, City were charged by the Premier League with more than 100 alleged breaches of financial that required the club to provide “more financial information that gives a true and fair view of the club’s financial position.”

Potential punishments if found guilty include points deductions or even relegation but City maintain there is “irrefutable” proof of their innocence.

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.”

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