Manchester City have announced record-breaking revenue for the 2022-23 financial year. The club confirmed income of £712.8m, outstripping the Premier League record £648.4m reported by Manchester United last month.
City’s figure is up from £613m and the club almost doubled its profit to £80.4m, from £41.7m, despite a large increase in wages. The 2022-23 season was highly successful for City, who won a Premier League, Champions League and FA Cup treble, boosting finances through commercial and broadcast revenue.
The club was boosted by earning an extra £50.4m in broadcast income compared with the previous year and winning the treble, in addition to a net profit of £121.7m on player transactions in the 12 months to 30 June. Most of the additional TV revenue can be attributed to City’s successful Champions League campaign, which ended with them winning the trophy against Internazionale in Istanbul in June.
There was a 29-person drop in head count at the club but wages went up by almost £60m in a season during which Erling Haaland arrived from Borussia Dortmund. One reason for the increase in salary expenditure is bonuses paid to players for the historic treble. Despite the heavy increase in money spent on staff salaries, it is 59% of revenue, up by a single percent.
There were 31 matches at the Etihad Stadium last season, an increase of four, helping annual matchday revenues to go up by £17.4m to £71.9m, further aided by a slight increase in average attendances.
The sales of Gabriel Jesus and Oleksandr Zinchenko to Arsenal and Raheem Sterling’s departure for Chelsea brought in about £125m, helping take the club’s profit on transfers to £330m over the past five seasons.
“We can certainly say that the 2022-23 season was the best in the history of Manchester City,” said the chief executive, Ferran Soriano, citing the treble, record revenues and profits, being named the world’s most valuable football club brand in a Brand Finance Football 50 report published in June and
City’s chairman, Khaldoon al-Mubarak, said: “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.”
City face more than 100 Premier League charges over alleged breaches of financial rules, which the club deny. The seven-time Premier League champions are accused of failing to give “a true and fair view of the club’s financial position”, of failing to “include full details” of player and manager remuneration, of failing to comply with rules regarding financial fair play and failing to cooperate in a Premier League investigation that has concluded after more than four years. The charges are listed in the accounts in the “risks and uncertainties” section.
City have said a “comprehensive body of irrefutable evidence” exists in support of their position. It is uncertain how long the case will take to conclude.
