2023-11-15 20:38:24
(CNN) – Manchester City set a record in the English Premier League with 712.8 million pounds ($888 million) in revenue for the 2022/23 season, following the team’s historic success in winning the treble.
This figure exceeds the previous record of 648.4 million pounds ($808 million), set by the club last month, while City also almost doubled its profits from 41.7 million pounds ($52 million) in the 2021/22 season to 80.4 million pounds ( $100.3 million) last season.
In the 2022/23 season, City became the second English team to win the Premier League, Champions League and FA Cup in the same season, following Manchester United in 1999.
According to what was published on the team’s official website in its annual report for the year ending on June 30, the club’s president, Khaldoun Al-Mubarak, said: “In short, last season witnessed Manchester City achieving the greatest football and commercial year in its long history.”
He added: “In the wake of winning the Champions League in Turkey and completing the treble, the question I was often asked was: How do you achieve this?” He continued: “The answer is to double down on the proven philosophies and practices that have brought us this success, and challenge ourselves.” “To continue to continuously innovate in order to achieve new levels of performance on and off the field.”
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 issued, notably the sale of Raheem Sterling to Chelsea and Gabriel Jesus and Oleksandr Zinchenko to Arsenal.
Earlier this year, Deloitte reported that City maintained “its position at the top of the Money League and, for the second time, the club achieved the highest revenues in world football.”
However, City’s latest financial results come once morest the backdrop of the Premier League accusing the club earlier this year of “violating more than 100 financial rules”, which include 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 profit and sustainability.
Manchester City said on Wednesday: “The Board of Directors acknowledges the existence of a number of risks and uncertainties, which may have a material impact on the club’s performance.”
The English Premier League referred Manchester City to an independent committee, and the club said it was “surprised” by the issuance of the violations, but that it “welcomes the review of this matter” by the committee.
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