Manchester City has announced a record-breaking revenue of £715 million for the financial year ending June 30, 2024, setting a new benchmark in Premier League history.
This represents a modest increase of £2.2 million compared to the £712.8 million generated in the previous year. The impressive financial figures come in a season where City claimed their fourth consecutive Premier League title and secured triumphs in the Club World Cup and European Super Cup, albeit without replicating their historic 2023 Treble success.
While the financial report showcases City’s continued growth off the field, it arrives at a time when the club’s recent performances on the pitch leave much to be desired.
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Financial Highlights
The latest financial report, however, paints a picture of resilience. City recorded a pre-tax profit of £73.8 million, aided by a £10.3 million reduction in wage expenses, bringing the total to £412.6 million. Commercial revenue grew slightly from £341.4 million to £344.7 million, emphasizing the club’s continued global appeal.
City also reported a transfer profit of £92.8 million since June 30, thanks to the sales of Julian Alvarez, Joao Cancelo, and Liam Delap. This financial buffer positions the club well for the upcoming January transfer window, where reinforcements may be deemed necessary to address their current struggles.
City chairman Khaldoon Al-Mubarak, writing before the team’s recent downturn, praised the club’s organizational culture and commitment to excellence.
“Our constant ambition to target and achieve the unprecedented is a mark of the organization we have become,” he said. “On and off the field, our passion for the next challenge is underpinned by deliberate and detailed planning and a shared belief in the collaborative learning culture that we have built.”
Chief executive Ferran Soriano echoed this sentiment, emphasizing that complacency had not set in after their Treble-winning season.
“We understand very well that the relentless pursuit of beautiful football, operational excellence, and constant innovation requires hard work and resilience,” Soriano stated.
However, the club’s current form has tested this resilience, raising questions about whether the relentless pursuit of success may be taking its toll on Guardiola’s squad.
Currently enduring one of their worst runs under Pep Guardiola, with only one win in their last 10 matches, City appears to be struggling to maintain the standards that made them Europe’s dominant force just a year ago. Their disappointing run extends to the Champions League, where a 2 – 0 loss to Juventus has left the club at serious risk of failing to advance to the knockout stages—a stark contrast to the form they exhibited, winning the tournament in 2023, which earned them £111.8 million.
Domestically, City’s situation is equally concerning. Ahead of Sunday’s Manchester derby at the Etihad Stadium, they sit fourth in the Premier League table, eight points adrift of leaders Liverpool, who also hold a game in hand. For a team accustomed to setting benchmarks on the pitch as well as off it, this decline has come off as a shocking reminder of the challenges of sustaining success at the highest level.
However, City remains focused on long-term development projects. A £300 million expansion of the Etihad Stadium’s North Stand is underway, set to increase capacity to 60,000 in time for Euro 2028. Additionally, Al-Mubarak confirmed plans for a new women’s training facility, scheduled to open during the 2025-26 season.
The financial report also highlights some significant rises in expenditure. “Amounts owed by group undertakings” increased from £151.4 million in 2023 to £267.4 million, while “other external charges” grew from £124 million in 2022 to £172.4 million. These figures have raised questions, with the club yet to provide detailed explanations.
City’s financial strength is undeniable, but their on-pitch struggles and ongoing legal battles cast a shadow over their otherwise impressive achievements. The club continues to contend with 115 alleged breaches of Premier League financial rules. The accounts make only a brief reference to this, reiterating City’s confidence in the evidence supporting their position.
The club issued a public statement welcoming the independent commission’s review to impartially consider the comprehensive body of irrefutable evidence that exists in support of its position.
Consolation in Financial Success?
For City fans, the financial report may provide some consolation amid the team’s recent poor form. The stability and growth it represents suggest that the club remains well-equipped to navigate these turbulent times.
However, with on-pitch results failing to meet expectations and key challenges ahead, including a crucial Manchester derby, the financial figures alone may not be enough to restore confidence in the short term.