Manchester City announces record financial figures for 2022-23 season

MANCHESTER, England (AP) — Manchester City reported record revenues of 712.8 million pounds ($890 million) for last season in figures released on Wednesday.

In its annual report for the 2022-23 season, City also announced record profits of 80.4 million pounds ($100 million) – an increase on the previous year’s total of 41.7 million pounds ($52 million).

The club, which is backed by the ruling family of Abu Dhabi, won a trophy treble last season, including the Champions League, Premier League and FA Cup.

“In short, last season saw Manchester City achieve the greatest football and commercial year of its storied history,” club chairman Khaldoon Al Mubarak said in a statement. “The season was the validation of a philosophy and sustained approach that has defined the Club since His Highness Sheikh Mansour became its custodian in 2008.”

City has dominated English soccer since being bought by Sheikh Mansour and has won five of the last six Premier League titles under manager Pep Guardiola.

Last season it finally conquered Europe by winning the Champions League.

City’s financial power has enabled it to spend big on the world’s best players such as Erling Haaland, Kevin de Bruyne and Jack Grealish.

City’s spending has also led to accusations of financial wrongdoing.

In 2020 it successfully overturned a two-year ban by UEFA from European competitions when taking its case to the Court of Arbitration for Sport.

The Premier League has accused City of about 80 alleged breaches of its financial rules and 30 more relating to its alleged failure to co-operate with an investigation.

If found guilty, penalties could include a deduction of points or even expulsion from the Premier League.

City’s latest revenues were up from 613 million pounds ($766 million) the previous year and 569.8 million pounds ($712 million) in 2020-21.

“In the aftermath of the UEFA Champions League win in Turkey and the completion of ‘The Treble’ the question I was asked most often, was ‘How do you top that?’” Al Mubarak said. “The answer is by doubling down on the proven philosophies and practices that have brought us this success and to challenge ourselves to continue to constantly innovate in order to achieve new levels of performance both on and off the field.”

___

James Robson is at https://twitter.com/jamesalanrobson

___

AP soccer: https://apnews.com/hub/soccer

James Robson, The Associated Press