Manchester City has announced a record-breaking Premier League revenue of £715 million in its latest financial accounts for the period ending June 30, 2024.
The figure marks a modest rise of £2.2 million from the previous record of £712.8 million, set in 2023. Despite not replicating their historic Treble triumph from the previous year, City continued to enjoy significant success on the field, securing an unprecedented fourth consecutive English Premier League title, along with victories in the Club World Cup and European Super Cup.
The club’s financial performance remained strong, with wages decreasing by £10.3 million to £412.6 million, while the overall pre-tax profit stood at £73.8 million. Commercial revenue saw a slight increase, rising from £341.4 million to £344.7 million. This is a continuation of a positive financial trajectory, with City recording profits in all seasons since 2014-15, except for the Covid-affected 2019-20 campaign.
Manchester City also revealed a profit of £92.8 million from transfer dealings since June, which included the sales of Argentina forward Julian Alvarez, defender Joao Cancelo, and striker Liam Delap. This positions the club well ahead of the January transfer window, should manager Pep Guardiola decide that reinforcements are necessary after a challenging run of results.
Despite this financial success, the club is facing a series of challenges. Their recent Champions League defeat to Juventus has left them at risk of missing out on a play-off spot, a blow to a club that earned £111.8 million from the competition in 2023. Furthermore, Manchester City enters the upcoming Manchester derby against United in a precarious position, sitting fourth in the Premier League, eight points behind leaders Liverpool, who also have a game in hand.
City chairman Khaldoon al-Mubarak, in his assessment of the club’s performance, noted the organisation’s unwavering commitment to constant improvement. “Our constant ambition to target and achieve the unprecedented is a mark of the organisation that we have become,” al-Mubarak stated. “This organisational approach is now part of our DNA.”
However, this ethos is being tested as City’s on-field fortunes have taken a downturn. Chief executive Ferran Soriano acknowledged the tough road ahead, stating that the pursuit of operational excellence and beautiful football requires resilience and hard work, especially in light of the club’s recent struggles.
“Winning the Treble in the previous season did not generate any sense of complacency in our teams on or off the pitch,” said Soriano. “We understand very well that the relentless pursuit of beautiful football, operational excellence, and constant innovation requires hard work and resilience.”
Off the field, the club has continued to make significant investments. The £300 million expansion of the Etihad Stadium’s North Stand is underway, which will increase the stadium’s capacity to 60,000 in time for Euro 2028. Additionally, the club has confirmed plans for a new women’s training facility to open during the 2025-26 season.
Notably, the club’s financial statement made no direct reference to their ongoing legal battle with the Premier League over the Associated Party Transaction (APT) rules, and only a fleeting reference to City’s ongoing case with the Premier League over 115 alleged breaches of financial rules.
On that, the financial statement reads: “On 6 February 2023, in accordance with Premier League Rule W.82.1, the Premier League referred a number of alleged breaches of the Premier League Rules by Manchester City to a commission under Premier League Rule W.3.4. In February 2023, in response to the charges, the club issued a public statement that it welcomes the review of this matter by an independent commission, to impartially consider the comprehensive body of irrefutable evidence that exists in support of its position.”
Amounts owed by group undertakings have risen from £151.4m in 2023 to £267.4m in the latest accounts, which BBC Sport has asked the club about. ‘Other external charges’ have also risen from £124m in 2022 to £172.4m.
While the club has experienced a downturn in form, with only one win from their last ten games, their financial position remains strong. As they continue to pursue growth both on and off the pitch, Manchester City will look to restore their competitive edge and meet the ambitious targets set by their owners.
With both a successful history and a challenging future ahead, Manchester City remains a club in transition, balancing financial strength with the desire to maintain their elite status in world football.
Melissa Enoch
Follow us on:
