Manchester City announces record profits for 2021-22

Nov 6, 2022, 11:10 AM | Updated: Nov 7, 2022, 1:11 am
Manchester City's head coach Pep Guardiola celebrates at the end of the English Premier League socc...

Manchester City's head coach Pep Guardiola celebrates at the end of the English Premier League soccer match between Manchester City and Fulham at Etihad stadium in Manchester, England, Saturday, Nov. 5, 2022. Manchester City won 2-1. (AP Photo/Dave Thompson)

(AP Photo/Dave Thompson)

MANCHESTER, England (AP) — Manchester City reported record revenues and profits for the club in its latest financial statement released on Monday, saying “beautiful football” was the main reason for its success.

Revenues of 613 million pounds ($693 million) for the 2021-22 fiscal year surpassed the figure of almost 570 million pounds ($646 million) the year before for the defending Premier League champion.

Profits of 41.7 million pounds ($47 million) more than doubled the club’s previous record.

City chief executive Ferran Soriano credited manager Pep Guardiola for the club’s financial success.

“Our strong revenue performance was due to multiple factors, but ultimately driven by the ‘beautiful football’ we play and the continuous fan growth that it generates; more fans, more audiences, more people in the stadium, and more partners that want to be commercially associated with Manchester City,” Soriano said.

Since being bought by the Abu Dhabi royal family in 2008, City has become one of the most financially powerful clubs in world soccer, winning 14 major trophies and signing some of the biggest names in the sport.

The latest figures show its growth as a commercial business as well.

“In 2008, we gave ourselves the target of exceeding the benchmarks that had been set by others within football; and in doing so, to also exceed the new standards that we believed leading clubs would achieve in the time it would take us to catch up,” chairman Khaldoon Al Mubarak said. “Our aim was clear — to one day be the club that set the benchmark for others.

“The statistics and results show that in many ways we are beginning to achieve our long-term ambition.”

City’s financial power has led to rivals raising the issue of the difficulty of being able to compete in the transfer market, with Liverpool manager Jurgen Klopp most recently airing his views.

“Nobody can compete with City in that,” Klopp said last month. “You have the best team in the world and you put in the best striker (Erling Haaland) on the market. No matter what it costs, you just do it … What does Liverpool do? We cannot act like them. It’s not possible.”

___

AP World Cup coverage: https://apnews.com/hub/world-cup and https://twitter.com/AP_Sports

___

James Robson is at https://twitter.com/jamesalanrobson

Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

AP

Brazil's Neymar, from right, celebrates with team mates Lucas Paqueta, Raphinha and Vinicius Junior...
Associated Press

Brazil dancing again after big win at World Cup

DOHA, Qatar (AP) — The joy — and the dancing — are back for five-time champion Brazil at the World Cup. The big win over South Korea on Monday secured Brazil a berth in the quarterfinals in Qatar. It also restored the team’s confidence after a tumultuous start to the tournament in which the Seleçao […]
1 day ago
Paulo Dybala runs during a training session of Argentina's national soccer team in Doha, Saturday, ...
Associated Press

Paulo Dybala, the Serie A standout not needed by Argentina

DOHA, Qatar (AP) — Paulo Dybala posted a photo of himself on Instagram laughing along with his Argentina teammate Lionel Messi, with the accompanying words: “We carry on with a smile! Let’s go.” Argentina might be getting ever closer to a place in the World Cup final but, on a purely personal level, the tournament […]
1 day ago
Maryland head coach Kevin Willard signals a play in to his team during the second half of an NCAA c...
Associated Press

No. 13 Maryland off to fast start with marquee games ahead

Kevin Willard believed his new Maryland team would get off to a good start. But this has been a bit more than even Willard expected early in his tenure after a successful run at Seton Hall. “I didn’t envision this,” Willard said. “I’m not going to lie.” The Terrapins (8-0, 1-0 Big Ten) made the […]
1 day ago
FILE - Wilt Chamberlain of the Philadelphia Warriors holds a sign in the dressing room in Hershey, ...
Associated Press

Analysis: In the NBA, 100 points no longer assures anything

If the NBA has a magic number, it’s 100. Wilt Chamberlain’s single-game scoring record. A perfect shooting percentage. And the rule pretty much seemed to be that if a team scored 100 points in a game, it probably was going to walk off the floor as a winner. Not anymore. Put simply, 100 doesn’t guarantee […]
1 day ago
Deion Sanders speaks after being introduced as the new head football coach at the University of Col...
Associated Press

Deion Sanders’ arrival swipes buzz from bungling Broncos

DENVER (AP) — Deion Sanders sauntered into the Arrow Touchdown Club for what felt more like an old-fashioned tent revival than a news conference to introduce the University of Colorado’s splashy new hire of “Coach Prime” as its new head football coach. At that very moment Sunday afternoon, the Denver Broncos were predictably blowing another […]
1 day ago
A fan of Japan picks up garbages at the end of the World Cup round of 16 soccer match between Japan...
Associated Press

What’s next for Japan after exit on penalties at World Cup?

DOHA, Qatar (AP) — Japan reached the round of 16 for the fourth time at a World Cup. It got knocked out in the round of 16 for the fourth time in a 3-1 loss to Croatia on penalty kicks after a 1-1 draw in regulation and extra time. EXPECTATION VS. PERFORMANCE Coach Hajime Moriyasu […]
1 day ago
Manchester City announces record profits for 2021-22