Man City reports record revenues in latest financial accounts but profits are down

MANCHESTER, England (AP) — Manchester City on Friday reported record revenues of 715 million pounds ($903 million) for the 2023-24 fiscal year.

Revenues were up by 2.2 million pounds ($2.78 million) on the previous year, but profits were down slightly — 73.8 million pounds ($93.2 million) compared to £80.4 million ($101.5 million).

“The club’s three primary income sources — commercial, broadcast and matchday — all remained strong, reflecting the continued differentiation and impact of the club’s multi-decade strategic approach,” City said in a statement.

City was taken over by the ruling family of Abu Dhabi in 2008 and has has gone on to dominate English soccer after spending billions of pounds on some of the world’s best players and hiring Pep Guardiola as manager in 2016.

City won a record fourth straight Premier League title last year and has been crowned English champion in six of the last seven years.

But it is currently struggling on the pitch both domestically and in the Champions League, and City’s financial report comes against the backdrop of a hearing on alleged financial breaches. The four-time defending champion is facing more than 100 charges by the Premier League ranging over a nine-year period when it was trying to establish itself as the biggest force in English soccer.

City was accused by the league of providing misleading information about its finances from 2009-18. A hearing by an independent commission began in September and a verdict is not expected until next year.

City denies the charges.

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

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