Premier League champion Manchester City has released its financial statement from the 2018-19 season, announcing record turnover of £535.2m ($693m/€625m) in an 11th consecutive year of revenue growth under the ownership of the Abu Dhabi United Group.
Broadcast revenues of £253.2m were the primary driver of growth, up 19.7 per cent over the previous season. Record attendances at the Etihad Stadium, with average gates of 54,132, helped nudge match day revenues up 2.8 per cent, to £58.2m, though overall commercial revenues dipped slightly, down 1.5 per cent to £228.8m. The club attributes this drop to the fact that the stadium hosted three fewer concerts in 2019 than in the previous year.
Overall profits stood at £10.1m, down slightly from the £10.4m in 2018, but still representing a fifth consecutive year of profit. The club’s wage-to-revenue ratio, which its statement says it is “committed to controlling,” stands at 59 per cent.
The season in question saw Manchester City’s senior teams win six trophies, including an unprecedented clean sweep of domestic competitions for the men’s team (Premier League, FA Cup, League Cup and Community Shield), while the women’s team claimed a cup double, winning the FA Women’s Cup and the FA WSL Continental Cup.
Manchester City’s annual statement comes just 24 hours after its crosstown rival, Manchester United, released its own statement for the first quarter of the 2019-20 season, in which it forecast a fall in revenues to £560-£580m for the year. City is projecting further growth for 2019-20, when its new kit deal with German sportswear provider Puma will begin to show on the balance sheet.
Last year, City became only the second English side to surpass the symbolic £500m revenue mark, and looks to be closing in on United’s long-held status as English football’s richest club. The two still lag well behind Spanish duo Barcelona and Real Madrid (€990m and €757m turnover respectively for the 2018-19 season) and German giants Bayern Munich (€750m) in overall revenue terms.
Manchester City is currently under investigation by Uefa for breaching financial fair play regulations. Last week, the club lost its appeal against the process to the Court of Arbitration for Sport, and the case will proceed to a full hearing. The club is accused of disguising payments from its owner, Sheikh Mansour of Abu Dhabi, as sponsorship income, following a series of leaked emails published by German magazine Der Spiegel last year. City continues to deny the allegations.