By Andy Hampson, PA
Manchester City’s revenues exceeded those of rivals Manchester United for the first time last year, newly-published figures have revealed.
City have reported record revenue of £569.8million (€681 million) for the 2020-21 season, an increase of 19 per cent on the previous year, with a profit of £2.4million.
United recorded revenue of £494.1million for the financial year ended June 30, 2021, although the figures were heavily impacted by the coronavirus pandemic, with the loss of matchday income at Old Trafford particularly keenly felt.
City’s latest figures, published in their annual report for 2020-21, represent a club record in terms of revenue and reflect a highly successful campaign on the field.
The men’s first team won both the Premier League and Carabao Cup and reached the Champions League final for the first time.
Matchday revenue fell from £41.7million to just £700,000 as a result of matches being played behind closed doors, but the club say this 98 per cent reduction was offset by Champions League income. Commercial revenue was £271.7million with broadcast income £297.4million.
The return to profitability comes after a loss of £126million in 2019-20, when the pandemic first hit.
Chief executive 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.”