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Manchester City announce revenues of £713million as financial results for 2022-23 is published

Eithad Stadium

Manchester City have set a new Premier League record after making revenues of £712.8million during the 2022-23 campaign as announced in their annual financial report, surpassing the £648.4m Manchester United made in the same season.

The Etihad Stadium club won the Champions League for the first time last term, successfully defended their Premier League title for the third season running and also won the FA Cup.

As a result, matchday revenues increased to £71.9m, up by £17.4m, partly due to playing four more games at the Etihad than during the previous season.

Broadcasting revenues earned also skyrocketed to £299.4m, up by £50.4m, with reaching and winning the Champions League final playing a key role in that.

New sponsorship agreements also saw Man City land £341.4m, up by £32m.

Deals with the likes of Asahi, LeoVegas, 8Xbet, Nexen Tire, Acronis and Unilumin saw the Sky Blues post a club-record profit of £80.4m, almost doubling last year’s £41.7m return.

Man City spent £422.9m on wages on their 520-strong playing and non-playing staff, up from £353.8m the previous year, with performance-related bonuses following their success on the pitch playing a significant role in the astronomical increase.

Nevertheless, their wages-to-turnover ratio remains 59% and it is below UEFA’s recommended upper limit of 70%.

Man City also raked in cash from player sale, earning a club-record profit of £121.7m from selling Gabriel Jesus, Oleksandr Zinchenko, Raheem Sterling, Romeo Lavia, Gavin Bazunu, Samuel Edozie and Juan Larios during the summer of 2022.

They bought players for £220m, had sales of £151m, and are currently being owed £168m by other clubs while they owe £205m to other clubs.

They may end up paying up to £262m in addition to add-ons and bonuses if certain goals are achieved, and their net spend on transfers ahead of 2023-24 was approximately £84m.

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