Premier League champions Manchester City Football Club announced record-breaking revenues after its team won three of football’s major trophies.
The club posted £712.8 million ($876 million) in revenue and record profits of £80.4 million after the 2022-23 season, according to a statement Wednesday.
The team, controlled by Abu Dhabi’s Sheikh Mansour Bin Zayed Al Nahyan and investment firm Silver Lake Management LLC, is enjoying a period of several years’ dominance over its historically bigger cross city rival Manchester United.
Read More: Why Manchester City Is Accused of Cooking the Books
However, despite the success, Man City still trails its European rivals, financially. Bayern Munich last week announced revenues for the 2022-23 season of €854.2 million (£745.3 million) while Real Madrid’s hit €843 million.
Manchester United’s last set of results for the year ending June 30 showed revenues of £648.4 million.
Man City’s commercial income, which isn’t broken down, came to £341.4 million, an increase of 10.3% over the prior year, due to new sponsorship agreements, according to the annual report. The team also made a profit of £121.7 million on the sale of players including Riyad Mahrez, who went to play in Saudi Arabia, and academy graduate Cole Palmer to Chelsea FC.
Manchester City is currently accused by the Premier League of more than 100 financial breaches dating back to 2009, shortly after it was taken over by companies linked to Sheikh Mansour. Among the alleged breaches, it is charged with inflating revenues to circumvent financial restrictions imposed on clubs. The case has been referred to a commission set up by the Premier League.
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