Manchester City has revealed a total revenue of $886 million during the 2022/23 financial year while the Financial Fair Play investigation rages on. The massive earnings set a new club and Premier League record. Crosstown rivals Manchester United only just broke the division’s record when they posted revenue of $783 million in October. City’s latest figures are also a $124 million rise compared to the previous year.

The impressive revenue numbers come after the club collected Premier League, Champions League, and FA Cup trophies. Only one other team completed the rare feat dubbed the Treble. United triumphed in all three aforementioned competitions in the 1998/99 season.

City’s wage bill rose by nearly $87 million compared to the previous campaign. However, the club offset this increase thanks to a 20% increase in broadcasting income, as well as making several player sales. City actually posted a positive net gain in transfers during the 2022/23. Sales of Gabriel Jesus, Raheem Sterling and Oleksandr Zinchenko fueled this. Many of the club’s transfers during the summer of 2023 came after the deadline for the latest financial report.

Club chairman praises latest financial findings

“In short, last season saw Manchester City achieve the greatest football and commercial year of its storied history,” stated City chairman Khaldoon Al Mubarak on Wednesday. “The season was the validation of a philosophy and sustained approach that has defined the Club since His Highness Sheikh Mansour became its custodian in 2008.”

“In the aftermath of the UEFA Champions League win in Turkey and the completion of ‘The Treble’ the question I was asked most often, was ‘How do you top that?’”

“The answer is by doubling down on the proven philosophies and practices that have brought us this success and to challenge ourselves to continue to constantly innovate in order to achieve new levels of performance both on and off the field.”

“Success today simply means further investment for tomorrow. Our financial health and on-field success mean everyone connected to Manchester City can look forward to the future with excitement.”

Despite record revenue, City faces over 100 charges for breaching FFP

The news comes as City currently faces 115 total charges for violating Financial Fair Play (FFP) rules. Reports surfaced back in February that claimed the club broke the laws during a five-year investigation into the matter. The financial breaches occurred between 2009 and 2018. City collected six significant trophies during this timeframe.

Premier League officials claim that the reigning champions failed to provide accurate financial statements to the division. However, that is not the only issue for City. The club also failed to disclose specific information regarding contracts to their coaches and players. On top of these allegations, City execs then did not cooperate with the league in their investigation.

Nevertheless, City addressed the charges in their statement on Wednesday. The club claims to be assisting the Premier League in their current investigation.

“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,” the statement read.

There is no specific timetable regarding the investigation. However, an independent panel reviewing the case can eventually hand out a wide range of potential punishments. This includes anything from a fine to a points deduction and even expulsion from the Premier League.

Everton sets record with punishment for FFP breach

On Friday, Nov. 17, Everton picked up the harshest Premier League punishment in history for a breach of Financial Fair Play. The Premier League deducted 10 points from Everton in the 2023/24 Premier League season. As a result, Everton sank to the bottom of the table despite sitting at 14th before the punishment.

Everton has launched an appeal to the charges. However, as things stand, Everton is at serious risk of relegation from the English top flight.