Manchester City lift the Premier League trophy
Manchester City lift the Premier League trophy Image Credit: Reuters

Manchester City have released their 2020-21 annual report, announcing a return to profitability and continuing the long-term trend of steady growth that was interrupted by Covid-19. The flagship team of the City Football Group Club — majority owned by Abu Dhabi United Group — saw an increase in total revenues, increasing by 19 per cent to 569.8 million pounds, with a profit of 2.4 million.

It was another successful year for Manchester City on the field, with the men’s team breaking a slew of records, finishing the season with the English Premier League title, winning the League Cup and securing a place in the Champions League final for the first time ever in the club’s history.

Chairman Khaldoon Al Mubarak took the time to reflect on the achievements and also to look to the future. “The success of our men’s first team — this year’s trophies represent our fifth Premier League title and sixth League Cup of the last decade — is our story today,” he said. “Our story tomorrow will be written by the next generation, who made history this year when the Elite Development Squad and Under-18 teams won their respective leagues, meaning City hold the titles at all three levels of the men’s game.”

He went on to highlight City’s positive financial performance over the past season, attributing the return of profitability to the impact of the club’s long-term strategy to diversify and globalise revenues, the ability to depend on excellent football performance, and the support of partners and shareholders. He added: “Sheikh Mansour’s vision, set in 2008, is the reality we are living 13 years later — we are a sustainable and socially responsible organisation, finding and developing talent and competing for trophies on both the domestic and European stage.”

Chief Executive Officer Ferran Soriano pointed to the character of the men’s first team following a challenging start to the season which saw the team sitting in 13th position in late November 2020. “You could sense the focus and the resolve of the team and the togetherness of the whole club,” he said. “It was by harnessing that togetherness, that the team pulled themselves up from that point and went on to have one of the best seasons in Manchester City’s history.

“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.”

Al Mubarak added: “Although the disappointment of the defeat in the final in Porto ran undeniably deep, we were incredibly proud to have reached it in the first place. We look ahead with the knowledge that we are going to come back stronger and more experienced, knowing that we have reached not only that benchmark but also a level of consistency which gives us great confidence for the future.”