Record revenue and profit are ‘validation’ of Man City approach, says Al Mubarak
Despite record revenue and profits, City made an operating loss of £35.6m.
Manchester City chairman Khaldoon Al Mubarak has hailed record-breaking revenues and profits from last season’s Treble winning campaign as “validation” of their Abu Dhabi owners’ approach.
City reported revenues of £712.8m, a record for an English football club, and profits of £80.4m, a new high for the club, in 2022-23 as they swept the Premier League, FA Cup and a first ever Champions League.
It marked the culmination of 15 years of unprecedented and at times controversial investment and improvement since Sheikh Mansour bin Zayed Al Nahyan bought the club in 2008.
“The 2022-23 season saw Manchester City scale new heights and set new benchmarks. The reward for hard work, commitment and innovation was felt throughout the City family Al Mubarak wrote in the club’s annual report.
“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 His Highness Sheikh Mansour became its custodian in 2008.”
City’s revenues are the second highest ever recorded in club football, beaten only by Barcelona’s €840.8m (£741.1m) in 2018-19, according to Deloitte’s Football Money League.
Commercial income of £341.4m was the biggest component, followed by £299.4m from broadcasting deals, a figure substantially boosted by their success in Europe.
Matchday revenue, by comparison, was just £71.9m, around 10 per cent of the club’s income.
City’s wage bill rose to £368m, a £60m increase on the previous year, which contributed to an operating loss of £35.6m.
Player sales totalling £121.7m, including the transfers of Raheem Sterling to Chelsea and Gabriel Jesus to Arsenal, tipped the club into profit.
City remain the subject of more than 100 charges from the Premier League relating to alleged breaches of spending rules and non-cooperation with investigations between 2009 and 2018.
In their financial report, the club reiterated that they welcomed a review of the charges by an independent commission “to impartially consider the comprehensive body of irrefutable evidence that exists in support of its position”.
Al Mubarak added: “In the aftermath of the Treble, the question I was asked most often was ‘How do you top that?’ The answer is by doubling down on the proven philosophes and practices that have brought us this success and to challenge ourselves to continue to constantly innovate in order to achieve new levels of performance both on and off the field.
“We will continue to question all the industry norms, we will evaluate our successes and learn from any failures. We will not be afraid to set new goals and develop new strategies that deliver for our Club, its communities and stakeholders and especially for the fans.
“Success today simply means further investment for tomorrow. 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.”
