Manchester City Report Record Profits to Match Best Season on Pitch 

Football - Premier League - Manchester City v Chelsea - Etihad Stadium, Manchester, Britain - May 21, 2023 Manchester City's Ilkay Gundogan lifts the trophy as he celebrates with team mates after winning the Premier League. (Reuters)
Football - Premier League - Manchester City v Chelsea - Etihad Stadium, Manchester, Britain - May 21, 2023 Manchester City's Ilkay Gundogan lifts the trophy as he celebrates with team mates after winning the Premier League. (Reuters)
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Manchester City Report Record Profits to Match Best Season on Pitch 

Football - Premier League - Manchester City v Chelsea - Etihad Stadium, Manchester, Britain - May 21, 2023 Manchester City's Ilkay Gundogan lifts the trophy as he celebrates with team mates after winning the Premier League. (Reuters)
Football - Premier League - Manchester City v Chelsea - Etihad Stadium, Manchester, Britain - May 21, 2023 Manchester City's Ilkay Gundogan lifts the trophy as he celebrates with team mates after winning the Premier League. (Reuters)

After capturing their first treble last season, Manchester City reported on Wednesday that the success was matched off the pitch with record profits, their highest ever revenue, and recognition as the most valuable soccer brand in the world.

The club, which has been majority owned by Sheikh Mansour since August of 2008, earned revenues of 712.8 million pounds ($889.4 million) to June 2023 according to Manchester City FC Ltd.'s annual report, an increase of 99.8 million (16.3%) over the previous season, along with a record net profit of 80.4 million pounds.

"The 2022-23 season saw Manchester City scale new heights and set new benchmarks," City chairman Khaldoon Al Mubarak, said in a statement. "In short, last season saw Manchester City achieve the greatest football and commercial year of its storied history."

City experienced growth over the previous year across all revenue streams of commercial, matchday and broadcasting.

Commercial revenues accounted for 341.4 million pounds, followed by broadcast at 299.4 million and then matchday at 71.9 million, for a profit of 80.4 million, nearly doubling the previous year's record profit of 41.7 million pounds.

Matchday revenue saw an increase of 17.4 million pounds (32%) with a 99% occupancy rate at the Etihad Stadium and four more home games played across all competitions, although the average attendance of 53,249 fans over 19 Premier League games was just shy of their record of 54,130 set in 2018-19.

Broadcasting revenues climbed by 50.4 million pounds over the previous year (20.2%), primarily due to the club reaching and winning the Champions League and FA Cup finals.

Profits also benefited from significant player trading with 121.7 million pounds generated from transfers, up a significant 79.8% over the previous 12 months.

City earned top spot on the Brand Finance Football 50 list with a brand value of 1.51 billion pounds, passing LaLiga side Real Madrid (1.46 billion). Manchester United were fourth at 1.36 billion.

It marked the first time an English club had earned the number one spot since 2018 with the report citing City's decade of dominance on the pitch and the highest revenue of any of the clubs in the report as key reasons for their rise in the rankings.

City also topped the Deloitte Football Money League for the second consecutive year with the biggest revenues of any European soccer club, ahead of runners-up Real Madrid.

In early 2023, City were charged by the Premier League with more than 100 breaches of rules that required the club to provide "more financial information that gives a true and fair view of the club's financial position," the league said in a Feb. 6 statement.

Wednesday's financial report addressed the charges, saying: "In February 2023, in response to the charges, the Club issued a public statement that it welcomes the review of this matter by an independent Commission, to impartially consider the comprehensive body of irrefutable evidence that exists in support of its position."

On the pitch, manager Pep Guardiola guided City to a third successive Premier League title, an enthralling 2-1 FA Cup final victory over rivals Manchester United, and a first ever Champions League title.

The women's team finished fourth in the Women's Super League (WSL), but saw average attendance climb to 3,555, up 84% over the 2021-22 season.



Khalid bin Sultan Al-Faisal: Team Ownership Could Be Next F1 Step for Saudi Arabia 

Formula One F1 - Bahrain Grand Prix - Bahrain International Circuit, Sakhir, Bahrain - April 13, 2025 Prince Khalid bin Sultan Al-Abdullah Al-Faisal, president of Saudi Automobile and Motorcycle Federation is pictured on the grid before the Bahrain Grand Prix. (Reuters)
Formula One F1 - Bahrain Grand Prix - Bahrain International Circuit, Sakhir, Bahrain - April 13, 2025 Prince Khalid bin Sultan Al-Abdullah Al-Faisal, president of Saudi Automobile and Motorcycle Federation is pictured on the grid before the Bahrain Grand Prix. (Reuters)
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Khalid bin Sultan Al-Faisal: Team Ownership Could Be Next F1 Step for Saudi Arabia 

Formula One F1 - Bahrain Grand Prix - Bahrain International Circuit, Sakhir, Bahrain - April 13, 2025 Prince Khalid bin Sultan Al-Abdullah Al-Faisal, president of Saudi Automobile and Motorcycle Federation is pictured on the grid before the Bahrain Grand Prix. (Reuters)
Formula One F1 - Bahrain Grand Prix - Bahrain International Circuit, Sakhir, Bahrain - April 13, 2025 Prince Khalid bin Sultan Al-Abdullah Al-Faisal, president of Saudi Automobile and Motorcycle Federation is pictured on the grid before the Bahrain Grand Prix. (Reuters)

Owning a Formula One team could be the next step for Saudi Arabia after sponsoring the sport and hosting a grand prix, according to the president of Saudi Automobile and Motorcycle Federation.

Prince Khalid bin Sultan Al-Abdullah Al-Faisal told reporters in a video call ahead of this weekend's race in Jeddah that the interest was there.

"It could happen, it could happen soon if you see the growth (of the sport)," he said.

"If you are going to buy a Formula One team then people will buy it to make money out of it, especially if it's going to be bought by one of the PIF (Saudi Public Investment Fund) companies.

"We see Formula One is reaching new markets, sales are globally increasing ...

"It's not easy to say which team to buy and how you're going to manage it. But we have a lot of interest ... we're hosting Formula One, sponsoring teams. So I wouldn't be surprised if we see an announcement for a Saudi team."

Saudi Arabia first hosted Formula One in 2021, while energy giant Aramco is a global partner of the sport and also title sponsor of the Aston Martin team.

The PIF invested in McLaren in 2021 and already has a 20.5% stake in luxury carmaker Aston Martin, which is separate from the team controlled by Canadian billionaire Lawrence Stroll.

Aston Martin, the carmaker, said last month it would raise more than 125 million pounds ($163.5 million) from Stroll, who is also its chairman, and the sale of its stake in the F1 team.

Investment bank Raine Group has been commissioned by Stroll to help find a buyer for that holding.

There is also lingering speculation about the future of the Renault-owned Alpine team, despite the French carmaker's insistence that a sale is not on the agenda.

'WHY NOT?'

Other Middle Eastern countries who host races have ties to Formula One, with the Qatar Investment Authority (QIA) holding a significant minority stake in the Audi team due to debut next year.

Bahrain's sovereign wealth fund Mumtalakat is major shareholder in champions McLaren, with Abu Dhabi's CYVN Holdings recently acquiring McLaren Automotive.

Saudi Arabia has invested heavily in sports over the last few years with the aim to become a global sports hub.

Formula One is enjoying a surge of support in the Middle East with younger female fans the fastest growing demographic globally, according to Nielsen Sports. The region has four of the 24 races.

Formula One teams have soared in value of late, with new audiences attracted by the Netflix docu-series "Drive to Survive".

Alpine, sixth overall last year with Aston Martin fifth, were valued at around $900 million in 2023 after an investor group took a 24% stake for $200 million.

With General Motors-backed Cadillac coming in next year as an 11th team, there remains a space for one more.

"Personally, I would like to see a Saudi team," said Prince Khalid.

"But if Saudi Arabia or one of the Saudi companies will be involved in one of the teams, I would like them to do it the right way and be successful. It's a tricky question, but why not?"