Manchester City Football Club, the English Premier League champions, has announced record-breaking revenues for the 2022-2023 financial year, revealing that their income reached €818.5 million (approximately £712.8 million), surpassing the previous Premier League record set by Manchester United last month at £648.4 million.
According to The Guardian, Manchester City’s revenues have risen from £613 million, nearly doubling the club’s profits to £80.4 million, up from £41.7 million, despite a significant increase in player wages.
The 2022-2023 season was highly successful for Manchester City, as they clinched the Premier League title, won the UEFA Champions League, and secured the English FA Cup. These victories bolstered the club’s financial resources through commercial revenue and television broadcasting.
The club’s broadcasting income saw a substantial increase of £50.4 million compared to the previous year, thanks to their historic triumph in the UEFA Champions League, where they defeated Inter Milan in Istanbul last June.
While the number of staff at the club decreased by 29 individuals, player wages increased by approximately £60 million during the season, especially following the signing of Erling Haaland from Borussia Dortmund. Part of the wage increase is attributed to bonuses paid to players for achieving the historic treble. Despite the significant increase in staff wage expenses, they account for 59% of the club’s revenues, a one-percent increase.
There were 31 matches held at the Etihad Stadium in the previous season, four more than before, which contributed to a £17.4 million increase in annual matchday revenues, totaling £71.9 million, supported by a slight rise in average attendance.
The sales of Gabriel Jesus and Oleksandr Zinchenko to Arsenal and the departure of Raheem Sterling to Chelsea generated approximately £125 million, further boosting the club’s transfer revenues to £330 million over the past five seasons.
Ferran Soriano, CEO of Manchester City, stated, “We can certainly say that the 2022-2023 season was the best in Manchester City’s history.” He cited the treble, record revenues, and profits, as well as being recognized as the world’s most valuable football club brand in 2020.
Manchester City currently faces over 100 charges in the English Premier League concerning alleged breaches of financial rules, which the club vehemently denies. They have been accused of failing to provide a “true and fair view of the club’s financial position,” failing to “include complete details” of player and management bonuses, not complying with rules relating to Financial Fair Play, and failing to “cooperate in good faith” to achieve the Premier League’s conclusion, which ended after more than four years and is classified under “Risks and Uncertainties” in the accounts.
The club asserts that it has a “comprehensive body of compelling evidence” to support its position, and it remains uncertain how long the case will take to conclude.
