English soccer’s top-flight club, Manchester City Football Club Limited have released its annual financial report for 2020/2021. The annual report represents a return to profitability for the English football giants and the continuance of their long-term steady growth after it was interrupted by the pandemic.
The figures published in their financial statements represents a club record in terms of revenue. For the first time last year, Manchester City’s revenue exceeded those of their rival, Manchester United.
While their rivals, Manchester United posted revenue of £494.1million for the year ended 30th June 2021, the Premier League holders posted a record total revenue of £569.8 million for the 2020/21 fiscal year, an increase of £91.4 million (19%) compared to £478.4 million made in the same period last year. The annual report also boasts a profit of £2.4 million.
The Citizens had a highly successful campaign on the field as the men’s first team finished the league in style with a Premier League title, Carabao Cup and reaching the Champions League final for the very first time in the club’s history.
Due to the pandemic, matches were played behind closed doors which led to the fall of matchday revenue from £41.7 million in the 2019/20 season to just £732,000 for the 2020/21 season. The club said the 98% reduction was offset by Champions League income. Broadcasting income was £297.4million, an increase from £190million made in the 2019/20 season. Commercial revenue was £271.7million.
What they are saying
Chief Executive Officer, Ferran Soriano said, “The season closed with the team having played 63 out of a maximum possible 64 matches, taking home the Premier League title, winning a record-equalling eight League Cups, reaching the final of the Uefa Champions League for the first time and breaking a raft of records in the process. This is not a club that gives up when the going gets tough.
“From a business perspective, we were pleased to return to profitability, having successfully navigated the revenue challenges created by the pandemic. Covid-19 did not stop us, and we continued to grow, innovate and develop new ideas.
“We are hopeful that the pandemic-related challenges from the last two seasons will continue to subside, as we keep working tirelessly towards our objectives.
“And while we cannot dismiss the pain of missing out on the trophy in Porto at our first ever Uefa Champions League final, we must also pause to savour the fact that Manchester City has won three of the last four Premier League titles, and are now looking ahead to what we can do to achieve even greater success in the next stage of our journey.