- Adwitya Jha
Manchester City post record £569.8m revenue in 2020/21 annual report
Manchester City have released their annual report for the 2020-21 season. 2020-21 was not only a successful season for City on the pitch, with Pep's team winning the Premier League, the Carabao Cup and reaching the Champions League final for the first time in the club's history, but also off it, with the club posting record revenues despite having to play almost the whole season behind closed doors.
The club today released a statement that they had posted revenues of £569.8m in the previous season, which saw a 19% jump to the numbers posted for the 2019-20 season. Subsequently, this is the highest ever revenue figure posted by City in their history, with them also banking a profit of £2.4m.
With match-day incomes hitting a drop of 98%, due to having to play games behind closed doors until the last game of the Premier League, which saw the club welcome 10,000 fans into the stadium to watch their club pick up the Premier League trophy, and also bid adieu to arguably the greatest player this club has ever season, Sergio Aguero. City made up for these deficits due to the major increase in broadcast revenues.
City's revenue was also helped by them making the Champions League final. Also, another factor behind the record revenues is that the club have included revenues from 10 games of the previous season, played between the period of July and August 2020 in the statements for 2020-21.
With an increase in the commercial revenues by up to 10%, City are now the fourth most valuable brand in the world according to the latest report from Brand Finance and have also closed the gap to United in third place. City have also surpassed the revenues posted by Manchester United for the first time in their history, with the red side posting revenues of £494.1m.
CEO Ferran Soriano also believes that the club are past the worst of the disruption caused by the Covid-19 challenge, saying:
"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."
In the report, Chairman Khaldoon-Al Mubarak reflects on a successful year not only for the senior team but City's EDS and U-18 teams were also the champions of their respective divisions, which resulted in City holding an unprecedented three League titles in all three levels of the men's game simultaneously.
The chairman also highlights the positive financial performance of the club since Sheikh Mansour's takeover. He attributed 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 commented:
"His Highness Sheikh Mansour’s vision, set in 2008, is the reality we are living thirteen 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."
The chairman, acknowledged the departure of Brian Kidd, as he vacated his role as the Assistant Manager of the club, marking an end to his spell at the club which started way back in February of 2009. He said:
"Brian Kidd stepped away from his role with our heartfelt and grateful thanks after twelve incredible years. His indelible contribution to everything that Manchester City has achieved in that time should not be underestimated, nor should his achievements in English Football more widely. He is rightly held in the highest regard by all who know and have worked with him and remains a dear a valued friend to all of us."
Al Mubarak also commented on Aguero:
"In my opinion the greatest, and according to the statistics, the most lethal striker in Premier League history. Scoring two goals in his first game, two goals in his final game, a record number of goals and 15 trophies in between. He gave so much to Man City from beginning to end. He will be talked about as a Man City legend for the next century and like Vincent Kompany and David Silva, honoured with statues at the Etihad, so Sergio will be similarly recognised."
The CEO and chairman, both took the opportunity to also reflect on the disappointing defeat in the Champions League Final in Porto, but both acknowledge the fantastic performances of the team to reach the final for the first time in its history. Both made similar comments about gaining knowledge from the disappointing defeat and pledge to come back even stronger in the future –and win the elusive competition for the first time in the club's history.
Written by: @adwitya16
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