Manchester City Financial Results 2024/25

The 2024/25 campaign marked the 130th season in City’s history and their 23rd consecutive year in the Premier League. They are the second club to publish their results for 2024/25, the other being neighbors United.

On the pitch, the 2024/25 season represented a rare stumble for a club that has dominated domestic football in recent years. The campaign began in familiar fashion, with eight wins from the first nine matches, but a subsequent run of six defeats in eight games saw them slip to seventh place, a considerable distance behind leaders Liverpool. Investment in the January transfer window helped arrest the slide, and the club recovered to finish third, securing Champions League qualification for another season.

In the newly formatted Champions League, the club failed to qualify automatically for the knockout stages and were eliminated by Real Madrid in the play-off round. A defeat to Crystal Palace in the FA Cup final compounded the disappointment, leaving the club without a major trophy for the first time in eight seasons.

Off the pitch, the club continues to operate under a significant cloud of uncertainty, with no verdict yet delivered on more than 100 alleged breaches of financial regulations. The hearing began in September 2024, and more than 15 months later there has still been no public outcome.

For the purposes of this analysis, the ongoing allegations are set aside; however, there is no denying that the unresolved case continues to cast a shadow over the club’s achievements, both on and off the pitch.

Financially, the club has evolved into a powerhouse. While it incurred substantial losses—exceeding £700 million during its heavy investment phase between 2008 and 2014—it now generates one of the highest revenues in the league. The club is among the few to consistently report profits, boasts the strongest net asset position, and carries one of the lowest debt levels in the division.

Manchester City are owned by City Football Group (CFG), a global football holding company that controls a portfolio of clubs around the world. CFG is ultimately controlled by Sheikh Mansour bin Zayed Al Nahyan, a member of Abu Dhabi’s ruling family and Vice President of the United Arab Emirates.

Club's which CFG owns or holds significant stakes include as well as Manchester City; New York City FC (USA), Melbourne City FC (Australia), Girona FC (Spain), Yokohama F. Marinos (Japan), Montevideo City Torque (Uruguay), Mumbai City FC (India), Lommel SK (Belgium), Troyes (France) and Bahia (Brazil).

City Football Group use their network of clubs as an integrated ecosystem rather than as standalone teams with City as the flagship. Young or emerging talent can be signed centrally and then placed at clubs where they are most likely to get minutes at the appropriate level. For example, several players were loaned from City to one of the smaller clubs during the 24/25 season.

Financial Results 2024/25

Manchester City are one of only two Premier League clubs to have published their financial results, the other being neighbors Manchester United.

Financial highlights:

• Revenue: Total revenue fell from a division record £715 million to £694 million, reflecting a less successful season with lower Premier League broadcast distributions and UEFA payments. This was partially offset by income from the FIFA Club World Cup.

• Staff costs: Salaries and wages decreased by £4 million, likely due to lower bonus payments, while player amortisation rose by £5 million following several acquisitions. Overall staff costs remained flat at £579 million, likely the highest in the league, representing 84% of turnover (up from 81% the previous year).

• Player sales: The sales of Alvarez, Cancelo, Harwood-Bellis, and Gomez generated a combined £95 million in profits.

• Profit/loss: The club reported its first loss in five years of £9.6 million, down from a £74 million profit the previous season, mainly due to lower revenue and reduced profits from player sales.

• Net assets: Net assets fell £6 million to £858 million, still the highest in the league. Total assets increased by over £450 million due to player investment and an additional £125 million in the North Stand development. This was partially offset by increases in related-party loans and outstanding transfer fees.

• Player trading: The club spent £353 million on incoming players—likely the highest in the league—with Marmoush, Gonzalez, Reijnders, Khusanov, Reis, Art Nouri, and Cherki all joining for substantial fees. This was partially offset by £145 million received from the sales of Alvarez, Cancelo, Harwood-Bellis, Gomez, and Kamara.

• Loans and debt: A £100 million loan was provided by City Football Group USA to fund the North Stand development, bringing total debt to £130 million. This is offset by over £360 million owed to City from other group entities.

• Transfer debt: Transfer-related debt increased sharply to £328 million from £110 million, following significant mid-season spending.

Financial Outlook

City’s financial outlook remains heavily dependent on the outcome of the alleged breaches of financial regulations. At present, there is no clarity on when a decision will be announced, prolonging the uncertainty hanging over the club.

Setting that aside, there is little doubt that City has the resources to continue competing with the very best in Europe. This season’s financial results will largely hinge on performance in the Premier League and the Champions League, as well as whether the club generates further profits from player sales. As things stand, we would forecast another small loss in 2025/26.

Turnover

Revenue comes from three main sources: matchday income (ticket sales), broadcasting distributions (from the Premier League, UEFA, and FIFA), and commercial activities such as sponsorships, merchandising, and other business operations.

The 2023/24 season set a record for both the club and the division in terms of turnover. In 2024/25, revenue fell by £22 million, reflecting a less successful campaign.

As only Manchester City and their neighbors Manchester United have published financial results so far, the chart below compares their figures with estimated revenues for other clubs. Based on our estimates, Liverpool are likely to have generated the highest revenue in the 2024/25 season.

Matchday Revenue

Matchday revenue is influenced by factors such as the number of home games, average attendance, ticket prices, and the club's ability to generate income from hospitality events and corporate boxes. The only exception to this is domestic cup matches, where revenue is shared between the clubs and the FA.

The Etihad Stadium, Manchester City’s home since 2003, has a capacity of 52,900. In the 2024/25 season, the club averaged 52,517 spectators per league match, recording the sixth-highest attendance in the Premier League.

A slight decline in paying fans led to a reduction in total matchday revenue by £1.5 million, to £75 million, which is expected to remain the sixth-highest in the division..

Manchester City’s matchday revenue is consistently the lowest among the so-called “big six,” estimated to be roughly half that of Manchester United, Arsenal, and Tottenham. The primary reason is their relatively low revenue per fan, which at £54.30 is well below that of their peers. They have priced tickets to be more accessible to local fans and have fewer 'tourist' fans that pay premium prices, than the likes of United and Liverpool.

However, the planned expansion of the North Stand, increasing Etihad Stadium’s capacity to around 60,000, is expected to help close the gap in matchday revenue. In addition, the introduction of premium seating, hospitality suites, and an integrated hotel and fan zones should boost non-ticket matchday income.

Broadcast Revenue

Broadcast revenue is primarily derived from central Premier League distributions, UEFA payments for European competitions, and the club’s own media operations. In 2024/25, City also benefited from participation in the FIFA Club World Cup, although only a portion of this income is recognised in the 2024/25 accounts, as the tournament spanned the financial year-end.

The 2024/25 season marked the third and final year of the Premier League’s current broadcast cycle, meaning total distributions were broadly in line with 2023/24. The chart below shows the published distribution by club for the season. A significant portion—67%—is shared equally among all clubs, with the remainder allocated based on league position and the number of televised live matches.

Manchester City’s total broadcast distributions of £166 million were £10 million lower than the previous season, when the club topped the league.

UEFA revenues are allocated across three components: an equal participation share, performance-based prize money, and a value component determined by the size of the TV market (with the UK being the largest) and a club coefficient based on results over the past five seasons. Approximately 75% of revenues are distributed to Champions League participants, 15% to the Europa League, and 10% to the Europa Conference League.

Having failed to reach the knockout phase, City’s UEFA revenue fell from £94 million to £71 million, making it the lowest among English clubs in the Champions League. However, the club still benefits from one of the highest UEFA coefficients, behind only Real Madrid in 2024/25.

At the end of the season, the club took part in the revamped and controversial FIFA Club World Cup. After topping their group, City were eliminated by Al Hilal in the round of 16. Participation proved financially lucrative, with winners Chelsea earning around £86 million and City receiving approximately £38 million.

Combining the three broadcast revenue streams with income from their own media operations, City’s total broadcast revenue for 2024/25 was £279 million, down from £295 million the previous season. This is likely to place them among the top two earners in the league.

Commercial Revenue

After five years of strong commercial growth, averaging around 10% per annum, Manchester City’s commercial revenue has been broadly flat over the past two seasons. Even so, at an estimated £340 million, it is still likely to be the highest in the league, although Liverpool are expected to be close behind.

While sponsorship revenues are not reported separately, they typically account for more than half of Manchester City’s commercial income. Key sponsors in 2024/25 included kit supplier Puma (estimated £65 million per year), Etihad Airways, covering shirt and stadium naming rights (estimated £65 million per year), OKX as training kit sponsor (estimated £20 million per year), and sleeve sponsor Nexen Tire (estimated £12 million per year).

The club also recently signed a record £1 billion deal with Puma, securing a 10-year partnership. This is expected to lift annual income from this agreement to around £100 million, up from the estimated £65 million in 2024/25.

City outsource their retail operations to Fanatics, who manage both online and physical stores. As a result, the club does not report the full revenue from this stream. They estimate that total commercial revenue would increase by approximately £60 million if these operations were managed in-house.

Europe Top Clubs

When compared with their European peers, City trail the established “big four” of Real Madrid, Barcelona, Bayern Munich and PSG. That gap would be even wider if domestic broadcasting income were stripped out, as Premier League distributions are significantly higher than those in other leagues. This highlights that Europe’s leading clubs generate a greater proportion of their revenue from stadium-related activities and commercial operations.

Staff Costs

Staff costs include salaries and wages paid to all employees, the amortisation of transfer fees (spreading the cost of a player’s acquisition costs over the length of their contract), and any impairments (incurred when a player’s estimated current market value falls below their book value). 

Salaries and wages declined slightly from £412 million to £408 million. City have recorded the highest wage bill in the prior two seasons and are likely to rank among the top two again in 2024/25. The wage bill could fall further next season following the departures of several high earners, including Ederson, Walker and Gündoğan.

Amortisation rose modestly from £165 million to £169 million. Departures such as Álvarez and Gómez reduced the squad’s book value, but this was more than offset by winter and late-season signings, pushing it to a record level. Amortisation is expected to increase again next year, reflecting a full season of charges for the new additions.

Overall, total staff costs of £578 million were unchanged from the prior season.

Based on our estimates, the chart below compares City’s total staff costs with those of other clubs and shows that they remain more than double those of most teams outside the traditional “big six,” with Aston Villa and Newcastle the exceptions.

The club’s total staff costs represent 84% of revenue, up from 81% in the previous season. However, once profits from player sales are included and non-football staff costs are excluded, the club is expected to remain comfortably within both UEFA’s current regulations and the Premier League’s new 70% Squad Cost Ratio.

Earlier, we examined how City’s revenue stacks up against their European peers. The table below compares salaries and wages, showing that City’s spending is broadly in line with most top clubs. PSG is the notable exception; at £544 million, their wage bill is still substantial but below their previous peak of an astonishing £658 million.

Profit on Player Sales

The club generated £95 million in profits from the sales of Álvarez, Cancelo, Harwood-Bellis and Gómez. While individual figures are not disclosed, Álvarez is likely to have accounted for the largest share, with profits probably exceeding £50 million.

Player trading has been a major driver of City’s recent financial success, with around £500 million generated from player sales over the past five years—more than any other Premier League club.

The club is set to generate profits again this year through the sales of McAtee and Couto, although these are currently lower than the levels seen in 2024/25.

Profit and Loss

With the exception of COVID affected season 2020/21 the club has been profitable leading up to last season. With the highest revenue in the division, the club has been able to afford the highest wages bill, although has been reliant on profit from player sales to generate net profits.

The 2024/25 season saw the first loss in five years. A decline in revenue, combined with unchanged operating costs, led to a reduced EBITDA (earnings before interest, tax, depreciation and amortisation) of £88 million, down from £113 million the previous season. Non-cash expenses, including player amortisation and depreciation, rose by £5 million, resulting in a negative operating loss of £93 million. While operating losses are common among clubs, this would have ranked among the highest if compared with 2023/24 results. It was also higher than neighboring United’s operating loss of £31 million for the same season.

Profit from player sales, however, contributed £95 million, partially offsetting higher finance costs from increased loans and an £8 million foreign exchange loss. This resulted in an overall net loss of £10 million, down from a £73 million profit in the prior year.

Net Assets

Net assets represent the difference between total assets and total liabilities and correspond to the club’s net equity.

• Assets include fixed assets—such as player registrations, facilities, and goodwill—as well as current assets like trade debtors, transfer fees receivable, and cash.

• Liabilities comprise loans (from banks, shareholders, or group companies), transfer fees payable, trade creditors, deferred income (for example, advance season ticket sales), and other financial provisions.

The 2024/25 season saw a significant increase in both total assets and total liabilities.

The Etihad Stadium is owned by Manchester City Council, but the club holds a long-term lease—reportedly for 250 years. Under this arrangement, the club bears all operating, maintenance, and capital costs, in return receiving all revenues generated from stadium use. In recent years, the club has invested heavily in the surrounding Entertainment District, the North Stand expansion, and a hotel. To date, this project has cost £178 million, including £125 million in 2024/25, with parts of the development scheduled to open during the 2025/26 season.

This investment, combined with spending on the playing squad, has increased total

assets to £1.98 billion, up £450 million from the previous season.

Liabilities have risen by a similar amount, reflecting both the funding required for these capital projects and a sharp increase in transfer fees payable, which climbed from £230 million to £423 million.

This led to a modest decline in overall net assets, from £864 million to £858 million, which remains the highest net asset base in the division.

Player Trading

City spent a record £353 million on new signings in 2024/25, slightly above the £328 million outlay in 2017/18. A sluggish first half of the season prompted the club to bring in Marmoush, Gonzalez, Khusanov, and Reis, joining Savinho who had arrived earlier. Additionally, Reijnders, Art Nouri, and Cherki were signed early in the summer window, meaning their costs were accounted for in 2024/25.

The club recouped £145 million, largely through the sales of Álvarez, Cancelo, Harwood-Bellis, Gómez, and Kamara.

The club’s £353 million spending is likely the highest in the division. However, after accounting for player-sale income, their net transfer spend of £208 million is lower than that of neighbors United and is also likely below that of Brighton and Chelsea.

Football Net Debt

Football net debt represents the total amount a club owes to external parties. It includes bank loans (net of cash holdings), funding from owners, loans from related entities such as a parent company, and outstanding transfer fees payable to other clubs, minus any transfer fees the club is due to receive.

Excluding transfer fees payable, City have effectively been debt-free for the past five seasons. While the club does carry loans, both from third parties and related parties, these are more than offset by amounts owed to City by related clubs and by its cash balances.

In 2024/25, City received an additional £100 million loan from City Football Group USA LLC, repayable in 2030, to help fund the North Stand development. This increased total loans to just over £300 million. However, the club is owed £368 million by other subsidiaries within the City Football Group and also holds cash reserves of £174 million.

As a result, City are a net lender (before transfer fees), with a net £238 million owed to the club.

Debt across the Premier League reached £3.6 billion in the 2023/24 season, comprising £2.4 billion owed to third parties and £1.2 billion to related parties. Everton recorded the highest level of debt, although its related-party borrowing has since been converted into equity. City stand apart from the rest of the league as the only club operating as a significant net lender.

Following City’s mid- and late-season spending on players, it is unsurprising that transfer debt rose sharply. It is standard practice for clubs to agree payment terms for transfers that are spread over several years.

In 2024/25, transfer fees payable increased by almost £200 million to a record £423 million, while transfer fees receivable fell to £95 million, down from £120 million the previous season.

As a result, net transfer debt reached £328 million, by some distance the highest level on record. Of this total, just over £100 million falls due in the current season.

Cash Flow

Cash Flows are reported in three categories:

• Cash Flows from Operations refer to cash generated from the club’s core activities—revenue minus day-to-day costs such as salaries, rent, and utilities.

• Cash Flows from Investments include cash spent on player acquisitions and facility improvements, net of player or asset sales.

• Cash Flows from Financing cover new loans or equity raised, less repayments or buybacks. If operational cash flow cannot fund investments, the shortfall is usually met through financing.

The entity on which this report is based, Manchester City Football Club Limited, does not publish a cash flow statement; this is only available at the City Football Group level. The figures below are therefore our estimates, derived from balance sheet movements and the profit and loss statement.

The club typically generates sufficient operational cash flow to fund its investments—one of the few Premier League clubs able to make this claim—and has historically not required additional capital. However, with the North Stand development and last season’s player acquisitions, the club needed extra loan funding in 2024/25. With construction continuing and substantial transfer debt on the books, it is likely that additional capital will be required in the current season.

Cash flow was markedly different in the years following the 2008 takeover. As the graph below illustrates, nearly £1.4 billion of capital was injected into the club, the majority of it occurring during the investment period from 2007 to 2014.

The £1.4 billion in share capital, together with the reported £150 million acquisition cost, provides a reasonable estimate of the total investment made in the club by its owners. While this may not have been the primary motivation for the Abu Dhabi United Group’s acquisition, it has proven to be a highly successful investment, with the club’s current market value estimated at around £4–5 billion.