City Football Group (CFG), the parent company of Manchester City and 12 other clubs, recorded a pre-tax loss of £122.2 million ($158.4 million) for the 2023-24 season.
Since its founding in 2013—with just Manchester City and New York City FC—CFG has accumulated total losses of £972.8 million. The group has lost over £100 million in each of the past three seasons.
Despite these financial setbacks, CFG reported record revenue of £933.1 million. Manchester City, the most prominent club in the group, contributed £715 million, while LaLiga side Girona brought in the second-highest figure at £59.6 million.
Manchester City itself remains financially strong, posting a pre-tax profit of £73.8 million for 2023-24. The club has been profitable in all seasons since 2014-15, except for one campaign affected by COVID-19. Last season, they secured a fourth consecutive Premier League title, along with the FIFA Club World Cup and the European Super Cup.
Rising Costs and Ownership Structure
CFG’s total revenue increased by £56 million compared to 2022-23, but overall losses only decreased by 4.7% due to rising expenses, including growing staff costs. The group’s total staff costs for 2023-24 reached £664.3 million.
CFG is majority-owned by Newton Investment & Development, controlled by Sheikh Mansour bin Zayed Al Nahyan, the Abu Dhabi vice president and ultimate owner of Manchester City through Abu Dhabi United Group. Private equity firm Silver Lake holds an 18% stake in the multi-club operation.
The group’s portfolio includes clubs across Europe, North America, South America, Asia, and Australia: Manchester City, Lommel SK, Palermo, Troyes, Girona, New York City, Montevideo City Torque, Bahia, Mumbai City, Shenzhen Peng City, Yokohama F. Marinos, and Melbourne City.
Financial Challenges Ahead
Manchester City’s ability to qualify for the UEFA Champions League (UCL) next season remains uncertain, which could significantly impact revenue for both the club and CFG. The club has qualified for the UCL for 14 consecutive seasons, making its lucrative revenue stream a key financial pillar.
Additionally, Manchester City is involved in multiple legal battles with the English Premier League. The club faces 130 charges related to alleged breaches of financial regulations, with a ruling expected in the coming months. Legal fees from these disputes are expected to add further expenses to CFG’s financial accounts.
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