April 8 – City Football Group (CFG) have revealed a £112 million loss for the year 2023, despite prize asset Manchester City raking in record-breaking in their treble winning season.
Despite the damning figure, CFG reported an improved sum from last year’s £137 million loss.
CFG, a holding company controlled by Sheikh Mansour’s Newton Investment and Development LLC in Abu Dhabi, has an ownership network that spans 13 football clubs worldwide, with Man City serving as its flagship.
The treble success under Pep Guardiola significantly contributed to CFG’s income during the accounting period. The club’s revenue of £713 million set a new Premier League record, resulting in a club profit of £80 million. However, despite City’s success, CFG reported substantial losses across its network of clubs.
In a bid to expand its global footprint, CFG added clubs in Italy, India, and Brazil last year, incurring a combined cost of £77 million, a significant portion of which was deferred. Despite CFG’s emphasis on academy player development, Manchester City’s financial performance remains paramount.
Recent figures released by CFG to Companies House indicate that New York City FC and Girona FC reported annual turnovers of nearly £50 million each. However, this pales in comparison to Manchester City’s staggering revenue of £712.8 million during the 2022-23 season.
CFG has assured its network clubs of continued financial support, irrespective of the outcome of Manchester City’s ongoing Financial Fair Play (FFP) charges. Nevertheless, City have faced criticism for their practice of acquiring players from sister clubs, with 36 signings making only six combined appearances in the Premier League.
One positive to crawl out from an otherwise disappointing financial year, CFG recorded improved fan attendance across every club under its ownership, headlined by Girona’s figures (which more than doubled) and MCFC Women’s average attendance which grew from 1,917 to 7,168.
Contact the writer of this story, Harry Ewing, at moc.l1713963169labto1713963169ofdlr1713963169owedi1713963169sni@g1713963169niwe.1713963169yrrah1713963169