Man City’s record-breaking revenue £712.8M is overshadowed by Premier League charges for alleged financial irregularities:
Manchester City recently posted record revenue of £712.8 million for the year ending June 30, 2023, an increase of almost £100 million compared to the previous year’s £612.9 million. This far exceeds the previous Premier League record revenue of £648.4 million set by Manchester United for the year ending June 2022.
A major factor in City’s revenue boost was their run to the Champions League final, where they defeated Inter Milan 1-0 to capture their first European title. This contributed £341.4 million in total broadcast revenue, including £113.85 million from UEFA alone. Their Champions League victory earned City £110 million in prize money and TV rights, according to UEFA’s payment distribution system.
However, in the “Risks and Uncertainties” section of City’s annual report, the club acknowledged the 115 charges recently issued against them by the Premier League over alleged financial wrongdoing from 2009-2018. The report states that these charges, along with performance of the first team and potential regulatory changes, are risks that “could have a material impact on the club’s performance.” City deny any financial wrongdoing.
BREAKING: Man City acknowledge risk of charges after posting record £712m revenue!
The club’s annual report mentioned the 115 charges issued against them by the Premier League under the ‘Risks and Uncertainties’ section.
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According to football finance expert Kieran Maguire, the charges relate to allegations that “City breached rules requiring provision of accurate financial information, failing to co-operate with and assist the Premier League’s investigations and alleged breaches of UEFA Financial Fair Play requirements and Premier League profitability and sustainability regulations.”
Few weeks ago Football finance expert Kieran Maguire also said Manchester City are “very, very relaxed” about the more than 100 charges they face over alleged financial rule breaches between 2009 and 2018.
The Premier League first initiated an investigation into City’s finances in March 2019. The probe has taken over 4 years and cost the league around £10 million so far. If found guilty, City could face heavy fines or even expulsion from the league. However, City released a strongly worded statement denying wrongdoing and defended themselves.
City’s legal team challenges evidence and Premier League’s handling of case. Could be dismissed before verdict. Major legal battle if it proceeds.
City’s matchday revenue was £71.9 million, while profit from player trading rose to over £120 million. However, total payroll jumped to just under £423 million, up from £354 million last year, despite head count dropping from 549 to 520.
The club’s commercial revenue also grew to £309 million, reflecting “the ongoing strengthening of partnerships and new deals signed during the year.” In 2019 City signed a £650 million kit deal with Puma, one of the largest in football history. Other major deals include Etihad Airways’ stadium rights agreement worth nearly £400 million over 10 years.
While City posted record revenue, they admit the Premier League charges present a risk. The club could face significant fines or even expulsion if found guilty, which would severely impact their finances and ability to compete at the top level.
Al Mubarak and Soriano did not mention the charges, instead focusing on continuing their successful strategies. City aim to continue their growth both on and off the pitch, cementing their status as one of the world’s elite clubs. But the financial allegations loom large over the club’s future.