The Highest Premier League Club: City, With 818.5 Million Euros

English club Manchester City announced record revenues for the fiscal year 2022-2023, revealing that its income amounted to 818.5 million euros (about 712.8 million pounds sterling), exceeding the English Premier League record set by Manchester United last month, which amounted to 648.4 million pounds sterling. According to the British Guardian, the Citizens figure rose from 613 million pounds, and the club almost doubled its profits to 80.4 million pounds, from 41.7 million pounds, despite the significant increase in wages. The 2022-2023 season was very successful for Manchester City, who won the Premier League, Champions League and FA Cup treble, boosting finances through commercial and television revenues. The club's revenues were boosted by earning an additional £50.4m in broadcast income compared to the previous year, winning the treble, as well as a net profit of £121.7m from player contracts in the 12 months to 30 June. Most of the additional TV revenue can be attributed to City's successful Champions League campaign, which ended with their cup win against Italian club Inter Milan in Istanbul last June. There was a reduction in staff numbers at the club by 29 people, but wages rose by around £60m in the season during which Erling Haaland arrived from Borussia Dortmund. One reason for the increase in salary spending is the bonuses paid to players for the historic treble. Despite the significant increase in money spent on employee salaries, it amounts to 59 percent of revenues, an increase of one percent. There were 31 matches at the Etihad Stadium last season, an increase of four, which helped annual match revenues rise by £17.4m to £71.9m, also supported by a slight increase in average attendances. The sales of Gabriel Jesus and Oleksandr Zinchenko to Arsenal and the departure of Raheem Sterling to Chelsea brought in around £125m, helping to lift the club's transfer earnings to £330m over the past five seasons. “We can certainly say that the 2022-2023 season was the best in the history of Manchester City,” said Ferran Soriano, CEO of Manchester City, citing the treble, record revenues and profits, and being named the most valuable football club brand in the world in 2020. He said Khaldoun Al-Mubarak, Chairman of the City Board of Directors: “Our financial position and on-field success mean that everyone associated with Manchester City can look to the future with enthusiasm. Our collective achievements give me great confidence that together we can achieve more in the coming years.” City faces more than 100 charges in the English Premier League over alleged violations of financial rules, which the club denies. The seven-time Premier League champion was accused of failing to provide a “true and fair view of the club’s financial position”, failing to “include full details” of player and managers’ remuneration, failing to adhere to rules relating to financial fair play, and failing to cooperate to achieve the Premier League, which ended after more than Four years, and fees are included in the accounts in the “Risks and Uncertainties” section.