Stefan Borson
Sun 16 March 2025 11:21, UK
Manchester City’s ownership group has posted heavy losses in recent years after expanding its multi-club model.
City Football Group’s (CFG) accounts for 2023-24 revealed its losses reached £122.2million to take its cumulative losses to almost £1billion since it was founded in 2013.
CFG, which now owns 13 clubs, recorded a revenue of £933.1million last season.
Man City posted a record-breaking revenue of £715million and a pre-tax profit of £74million in 2023-24 after accounting for the majority of the group’s turnover.
Former Man City financial adviser Stefan Borson exclusively told Football Insider CFG’s losses are not a surprise because it currently has “huge” development plans.
The group is spending £300million to expand the Etihad Stadium, while plans are in place for a new stadium in New York.
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Sheikh Mansour increased his shareholding in CFG last year following a £420million injection.
The vice president of the UAE has now taken his stake to over 80 per cent, with private equity firm Silver Lake’s shareholding worth around 17 per cent.
Manchester City Training, Abu Dhabi, H.H Sheikh Mansour speaks with Chairman of Manchester City Football Club Khaldoon Al Mubarak during their mid ...
Photo by Victoria Haydn/Manchester City FC via Getty Images
Man City owners hit by £1bn blow
Borson revealed CFG’s debt will now be approaching £1billion following its latest losses.
He told Football Insider: “None of it’s a surprise. If you look at the way the group breaks down, you’ve got City with the majority of the revenue and then you’ve got a whole load of loss-making clubs and ventures.
“They have now got the Co-op music venue on the Etihad campus, so the group right now is a heavily cash consumptive, largely loss-making group with one mega club at the top. None of that’s a surprise.
“That is sort of the current part of the strategy, so you’ve got big debt in there at the top approaching £1billion. It’s not particularly cheap money either. They are paying around about 8-8.5 per cent interest.
“Clearly, that’s a lot of money going out every year. Then you’ve also had fundraisings from Silver Lake putting equity in and also most recently, Sheikh Mansour has subscribed for some shares in the last 12 months.
“If you think about sort of where the cost is going in that organisation, they’ve got loads of clubs first of all. Secondly, loads of clubs that are loss making. Thirdly, they have loads of infrastructure projects.
“They have been part of the building of the Co-op music venue event space. They are building a £400million development at the North Stand at Manchester City, and they’re also trying to build a stadium in New York.
“You can imagine what that costs, so they’ve got huge development plans within the group.”
Man City
Man City to snub phenomenal £77.5m payout
Former Everton CEO Keith Wyness told Football Insider Man City will snub a phenomenal £77.5million payout by not taking the Club World Cup seriously this summer.
The 32-team competition, which will take place across 12 venues in 11 host cities, will start on 15 June and end on 13 July.
Chelsea (ENG) Bayern Munich (GER) Porto (POR) Juventus (ITA)
Man City (ENG) Paris Saint-Germain (FRA) Benfica (POR) Atletico Madrid (ESP)
Real Madrid (ESP) Inter Milan (ITA) Borussia Dortmund (GER) Red Bull Salzburg (AUT)
European participants at this summer’s Club World Cup
Fifa has confirmed there will be a £780million prize pot for the Club World Cup, with the winner likely to earn around £77.5million.
Man City and Chelsea are the only Premier League sides set to compete in the competition.
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