Man City posts third year of record revenues following unprecedented success

(Pic courtesy Manchester City)

Premier League champions, Manchester City, chalked up a third consecutive year of record-breaking revenue growth, but saw pre-tax profits fall in the  year to June 30, 2024, the club revealed today (December 13).

Revenues of £715.019m were compared with £712.768m in 2023.

However, pre-tax profits fell from £86.082m to £78.512m.

Cash at bank and in hand stood at £53.767m, down from £79.260m.

The club said its three primary income sources – commercial, broadcast and matchday – all remained strong, reflecting the continued differentiation and impact of the club’s multi-decade strategic approach.

The club is currently on its worst run of form in almost a decade, falling from the pinnacle of the Premier League in October to fifth in the table, eight points behind current leaders, Liverpool and losing the Manchester derby in late dramatic fashion yesterday as rivals United scored two late goals.

A tribunal has also just finished hearing accusations of 115 breaches of financial fair play rules by City, with a verdict anticipated towards the end of the current season, which could result in a punitive points deduction, or huge financial penalties.

But today’s publication of the accounts is firmly focused on the club’s significant achievements during the 2023-24 season. Becoming Premier League Champions for the fourth time in a row was only one in a series of historic achievements.

Manchester City became the first football club to simultaneously hold the Premier League, UEFA Champions League, FA Cup, FIFA Club World Cup and UEFA Super Cup.

Chairman, Khaldoon Al Mubarak, said: “Our constant ambition to target and achieve the unprecedented is a mark of the organisation that we have become.

“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.

“This organisational approach is now part of our DNA. It is a product of the unwavering focus on constant improvement, in every aspect of the organisation, that has been in place since His Highness Sheikh Mansour became the club’s custodian in 2008.”

Chief executive, Ferran Soriano, said: “Our fourth consecutive Premier League title was an achievement that took Manchester City to a place no other English club has ever been.

“Winning the Treble in the previous season did not generate any sense of complacency in our teams on or off the pitch. We understand very well that the relentless pursuit of beautiful football, operational excellence, and constant innovation requires hard work and resilience.”

The Under 18s won the FA Youth Cup in a 4-0 win against Leeds United watched by more than 20,000 people at the Etihad Stadium, and the women’s team qualified for the UEFA Champions League.

Off the pitch, Manchester City was once again the most watched club in the world, attracting a global television audience of an impressive 694 million people across all competitions. City also delivered the most video views in the Premier League, with total views across Facebook, Instagram, X, YouTube and TikTok reaching more than 10 billion.

Investment in infrastructure remained a core focus for the club, with work commencing on the £300m expansion of the Etihad Stadium, as part of a wider project to develop a best-in-class fan experience and year-round entertainment destination at the Etihad Campus.

Significant progress was made in the latter half of the season, as the first steels were installed, and the hotel cores went up on site.

Once complete, the club’s expanded stadium and new world class facilities will sit alongside the 23,500-capacity arena, Co-op Live, a joint venture between City Football Group and Oak View Group.

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