Soccer Football - Premier League - Manchester City v Crystal Palace - Etihad Stadium, Manchester, Britain - December 16, 2023 Manchester City Chairman Khaldoon Al Mubarak in the stands before the match Action Images via Reuters/Jason Cairnduff / File Photo
(Reuters) - Manchester City reported a third consecutive year of record revenues on Friday, with total earnings growing to 715 million pounds ($902.76 million) for the year ended June 2024 up from 712 million pounds a year ago.
City also reported an overall pre-tax profit of 73.8 million pounds. This was down about 8% from a year ago, but continued a trend of reporting a profit in every financial year since 2014-15, with the exception of the COVID-affected 2019-20 season.
The Premier League champions' revenue growth was driven by an increase in matchday and other commercial revenue but weighed on by a decrease in broadcasting revenue brought on by the club's Champions League quarter-final exit.
City also said they made a record profit of 139 million pounds on player sales during the year.
"Our constant ambition to target and achieve the unprecedented is a mark of the organisation that we have become," City Chairman Khaldoon Al Mubarak said in a statement.
"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."
City won their fourth Premier League title in a row in the 2023-24 season, but were unable to defend the Champions League title they won the previous campaign.
The club were also charged last season with 115 breaches of Premier League rules, including failing to provide accurate financial information and failing to cooperate with the league's investigation.
The club's board acknowledged in its financial report a number of risks and uncertainties that could have a material impact on performance.
"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," the report said.
"The Club monitors its compliance with all applicable rules and regulations on a continuous basis and considers the impact of any potential changes."
City are currently fourth in the Premier League table, eight points behind leaders Liverpool, and 22nd in the Champions League table.
($1 = 0.7920 pounds)
(Reporting by Shifa Jahan in Bengaluru; Editing by Toby Davis)
