CFG reports £122.2m pre-tax loss for 2023-24

City Football Group has recorded a £122.2m pre-tax loss for the 2023-24 season, bringing its total losses since its 2013 formation to £972.8m.

Announced in its latest financial results, the holding company overseeing multiple football clubs including Premier League champions Manchester City, has recorded a pre-tax loss of £122.2m for the 2023-24 season.

Despite the overall losses, Manchester City, the largest club within CFG, reported a pre-tax profit of £103.4m for the same period. CFG’s total revenue reached a record £933.1m, with Manchester City contributing £715m, or 77% of the group’s turnover.

Other clubs within the organisation generated significantly lower revenues, with Girona earning £59.6m, New York City FC £46.5m, and Bahia £31.3m.

CFG’s pre-tax loss has now exceeded £100m for three consecutive seasons. However, the 2023-24 loss was slightly reduced compared to the previous year, partly due to player sales, which generated £211.2m—an increase from £133.3m in 2022-23. Rising staff costs, which grew by £46.1m, and an increase in other external charges, which reached £316.1m, contributed to the financial result.

The organisation’s workforce expanded significantly, with the number of commercial and administrative staff rising 56% to 1,543 employees. Manchester City’s administrative staff increased modestly from 319 to 381, while CFG’s workforce outside the club grew from 670 to 1,162.

Legal expenses related to Newton Investment & Development exceeded £30m last season. The organisation has previously been linked to high-profile legal costs, including matters related to UEFA’s Financial Fair Play regulations.

CFG has stated that its financial model should be assessed over a long-term period, spanning multiple decades. However, the group has yet to report an annual profit since its formation.