Manchester City’s chairman, Khaldoon al-Mubarak, has described the City Football Group (CFG) as a “financial and economic machine” after it posted revenue of £877.1m for the year to 30 June 2023, despite a £126.9m pre-tax loss. CFG is a 13-strong multi-club organisation of which City are the flagship club.
The champions’ £712.8m revenue generated the majority of income for the group, the loss deriving from the other clubs. City’s revenue increased by £99.8m, 16.3%, from the previous season for a record £80.4m net profit. In his annual interview last week with club channels Mubarak said: “I’m very pleased with the results. These results are very sustainable because we have now a very clear foundation that’s been built over many years.
“We have a financial and economic machine. As long as we keep managing well and being prudent, you know that growth in terms of revenue, in terms of profitability, I think we’re on a trajectory that’s been there for years now and continues to go from strength to strength.
“Since day one, Sheikh Mansour, as the largest shareholder of the group, has been very focused on growth and value appreciation. And in doing so, every pound of profit has stayed within the group to support growth and development. The result of it is we always are investing. We’re always investing in infrastructure, in the development of these clubs. We’re buying new teams. We continue to grow and grow.”
Mubarak was also asked about season-ticket prices after these increased for next season by between 5-11%, the cheapest seat raised from £385 to £425. Although season tickets have sold out some fans have voiced disquiet.
He said: “This is a very delicate issue for sure. I appreciate the feelings of our fans when it comes to a very important aspect, which is the price of a ticket. I want to try to explain this very difficult balance that there is always tension between investing, growing, meeting more demand, being sustainable and financially viable, and at the same time, taking care of our core fanbase and making sure they have affordable tickets and they continue to enjoy their football in the way they always have.
“We need to find ways to generate capital and revenue. Every pound coming out from that revenue has been reinvested in the team and continues to be reinvested in the team. So we have to, again, carefully tread. We’re talking very closely to our fanbase to make sure that we’re able to strike that balance in an appropriate way. It’s a balance. I recognise some of our fans are not satisfied on the pricing side of it. We have to find solutions for them.
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“That is our job. We have to work this out, but we also have to grow and we have to find the right commercial avenues for the club to continue to grow and to generate revenue, which inevitably then comes back to support the team and support the success that you’ve seen and that you will continue to see.”
