November 15, (THEWILL) – Manchester City have reported record revenues of over £700 million for the year ending June 2023, an increase of almost £100 million compared to the previous year. The revenue figure far outpaces the previous English Premier League record of £648.4 million set by rivals Manchester United.
A major factor in City’s financial success was their run to last season’s UEFA Champions League final, where they defeated Inter Milan 1-0 to claim the title. Revenue from UEFA competitions totalled £113.85 million. Overall broadcast revenue reached £341.4 million.
However, in the club’s just-released annual financial report, the Etihad side acknowledged that the 115 charges recently brought against them by the EPL could significantly impact the club’s future performance. The charges relate to alleged financial breaches by City from 2009-2018 and could result in heavy sanctions if proven.
Beyond the impending EPL case, City also cited risks from on-field performance, future regulatory changes, and actions by organisations like the Football Association, UEFA and FIFA. But club Chairman Khaldoon Al Mubarak and CEO Ferran Soriano made no direct mention of the charges in their introductory statements.
While revenue has surged, so too have costs. Manchester City’s total payroll topped £420 million despite a reduction in headcount. Matchday revenue reached £71.9 million, while profit from player trading exceeded £120 million.