Manchester City have announced record-breaking revenue for the 2022-23 financial year. The club confirmed income of £712.8 million (€819 million), outstripping the Premier League record £648.4 million reported by Manchester United last month.
City’s figure is up from £613 million and the club almost doubled its profit to £80.4 million, from £41.7 million, 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 £50.4 million in broadcast income compared with the previous year and winning the treble, in addition to a net profit of £121.7 million 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 employees at the club but wages went up by almost £60 million 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 per cent 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 £17.4 million to £71.9 million, further aided by a slight increase in average attendance.
The sales of Gabriel Jesus and Oleksandr Zinchenko to Arsenal and Raheem Sterling’s departure for Chelsea brought in about £125 million, helping take the club’s profit on transfers to £330 million over the past five seasons.
“We can certainly say that the 2022-23 season was the best in the history of Manchester City,” said chief executive Ferran Soriano, citing the treble, record revenues and profits, in addition to being named the world’s most valuable football club brand in a Brand Finance Football 50 report published in June.
City 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.”
The sales of Gabriel Jesus and Oleksandr Zinchenko to Arsenal and Raheem Sterling’s departure for Chelsea brought in about £125 million, helping take the club’s profit on transfers to £330 million over the past five seasons. — Guardian
