Manchester City have revealed a record-breaking set of accounts for the 2022/23 season that saw the club rake in a monstrous £712.8m revenue.
It is the most amount of money that any Premier League has taken in a single campaign and came as the men's team dominated on the pitch by completing a Premier League, FA Cup and Champions League treble – only the second ever English team to achieve that feat.
The revenue is just shy of £100m more than City earned in 2021/22, while £712.8m far exceeds the previous Premier League record of £648.4m announced for last season by Manchester United just last month. Barcelona's somewhat contested €990m (£861m) from 2018/19 is the world record.
With revenue skyrocketing, City also announced that profits have virtually doubled year on year, from £41.7m in 2021/22 to £80.4m in 2022/23.
Chairman Khaldoon Al-Mubarak called it the "greatest Football and commercial year" in City's long History, as well as saying it is "validation of a philosophy and sustained approach" since current owner Sheikh Mansour completed his 2008 takeover and changed the club's fortunes.
Perhaps worryingly for rival teams, Al-Mubarak also said that the success City have enjoyed in recent months will only see them "double down" on what has already been working and set new targets.
"In the aftermath of the UEFA Champions League win in Turkey and the completion of 'The Treble' the question I was asked most often, was 'How do you top that?'" he explained.
"The answer is by doubling down on the proven philosophies and practices that have brought us this success and to challenge ourselves to continue to constantly innovate in order to achieve new levels of performance both on and off the field. We will not be afraid to set new goals and develop new strategies that deliver for our club, its communities and stakeholders and especially for the fans.
"Success today simply means further investment for tomorrow. Our financial Health and on field success mean everyone connected to Manchester City can look forward to the future with excitement. Our collective achievements give me huge confidence that together we can accomplish even more in the years to come."
One thing that continues to have over City are the charges for 115 breaches of the Premier League's financial rules between 2009 and 2018. An independent commission is overseeing the case and could issue sanctions ranging from a fine and points deduction to Premier League expulsion.
City were fined £49m by UEFA for alleged Financial Fair Play breaches as far back as 2014. In 2020, they were then issued a ban from European competitions for two years, a sanction that was eventually lifted on appeal to the Court of Arbitration for Sport.
City's finances have also been the subject of a series of explosive reports from German publication Der Spiegel since 2018. But the club have always denied financial wrongdoing and in this instance have submitted legal challenges to the Premier League's charges.
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