Monday, July 22, 2024

After winning the treble, Manchester City announce “record” revenue

Date:

(CNN) – Manchester City set an English Premier League record with a record 712.8 million pounds ($888 million) in revenue for the 2022/23 season.

The figure surpasses the previous record of £648.4 million ($808 million) set by the club last month, while City almost doubled its profit for the 2021/2022 season from £41.7 million ($52 million) to £80.4 million ($100.3 million). ) last season.

In the 2022/23 season, City became only the second English team to win the Premier League, Champions League and FA Cup in the same season, since Manchester United in 1999.

In its annual report for the year ending June 30, published on the team’s official website, the club’s chairman, Khaldoun Al-Mubarak, said: “In short, last season saw Manchester City achieve the biggest footballing and business year in its long history.”

He added: “After winning the Champions League in Turkey and completing the treble, the question I am often asked is: How do you achieve this?” He continued: “The answer is to double down on proven philosophies and practices. It’s brought us this success and challenging ourselves.”

The club’s revenues were boosted by a £17.4 million ($21.7 million) increase in match-day revenue, increased broadcasting rights and a number of transfers, notably the sale of Raheem Sterling to Chelsea and Gabriel Jesus and Oleksandr Zinchenko to Arsenal.

Earlier this year, Deloitte reported that City “maintained their position at the top of the Money League and, for the second time, the highest-grossing club in world football”.

However, City’s latest financial results come on the heels of the Premier League club being accused of “more than 100 financial breaches” earlier this year, including failing to provide accurate financial information and failing to comply with Financial Fair Play regulations. FFP, and failure to follow the Premier League’s rules on profitability and sustainability.

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Manchester City said on Wednesday: “The board of directors acknowledges the existence of a number of risks and uncertainties which could have a material impact on the performance of the club.”

The English Premier League referred Manchester City to an independent panel, and the club said it was “surprised” that the violations were revealed, but that the panel “welcomes a review of the matter”.

Camelia Garner
Camelia Garner
"Explorer. Problem solver. Certified reader. Incurable web expert. Subtly charming travel guru. General student. Twitter evangelist."

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