In spite of a $13.6 million profit by Manchester City Football Club, the Premier League clubs ownership City Football Group continue to be in losses. However, better revenues have helped the CFG reduce its year on year deficit to 37%. The loss for the financial year 2017-18 is reported at $ 58.5
City Football Group (CFG), the owners of English soccer giants Manchester City, amongst others, has reduced its losses by 37 per cent year-on-year, closing its 2017/18 filing down US$58.4 million, according to Spanish outlet Palco23.
Manchester City’s improved income, coupled with the consolidation of Spanish La Liga club Girona, has enabled the City Football Group achieve revenues of $762.4 million during the last season, sportspromedia.com has reported quoting figures published by Palco23.
Premier League champions Manchester City have contributed a whopping 85.6% of the total CFG revenue. The rest comes from Girona and the other group entities like major League Soccer’s (MLS), New York City FC and A-League club Melbourne City.
The CFG revenue also included the finances of Uruguayan outfit Club Atlético Torque and Japan’s J League outfit Yokohama F Marinos. However, these contributions have little significance due to market conditions and ownership structure respectively. The newly-acquired Chinese club Sichuan Jiuniu does not feature in the accounts for the last fiscal.
CFG’s flagship club Manchester City apparently made a profit of US$13.6 million, whilst Girona, which is 47 per cent owned by the group, brought in US$58.5 million in revenue for a profit of US$7.5 million. Whilst New York City reportedly banked US$£52.6 million in revenue, a year-on-year increase of 34.2 per cent, that figure was not enough to exceed the MLS franchise’s outgoings.
According to the report, CFG suffered losses of US$79.7 million during the last financial year, despite the profits earned by City and Girona.
Other losses apparently come from CFG’s soccer academy business in the US which is still yet to see returns on the initial investment in facilities.
Despite the smaller ownership stake in the La Liga club, CFG consolidates the Girona’s account due to its influence over key decisions in conjunction with Pere Guardiola, the brother of City head coach Pep Guardiola, who holds a matching 47 per cent stake, states the report.
The CFG staff has increased by 29 per cent in 2017-18, to a total of 1,047. 581 of those, a year-on-year increase of 102, are in the administration and commercial departments.
That commercial department in total reportedly billed $340 million in 2017-
18, a ten per cent increase on the previous year; with 89 per cent of that attributable to the Premier League club.
The CFG, the report suggests, has also achieved a first for global football by investing $£17.5 million in Sapphire Sport. The venture capital fund started operating this year with an initial backing of US$115 million dollars, which includes contributions from numerous franchise owners in the US major sports leagues.