By Kieran Maguire

14th Jan, 2022 | 1:00pm

Kieran Maguire: Man City have finally proved Woodward wrong after official £570m reveal

Man City have proved Ed Woodward wrong – winning trophies does have a meaningful correlation with commercial success.

So says finance expert Kieran Maguire, speaking exclusively to Football Insider about City’s annual report released on Wednesday (12 January).

City posted a £2.4million profit for the year ending June 2021, with revenue soaring by 19 per cent to £569.8m.

Commercial income also rose to £271.7m for a season in which City won a third league title in four years and reached the Champions League final.

It is the first time in Premier League history that any team has overtaken Man United, who turned over £494m in 2020-21, in terms of revenue.

Outgoing Red Devils chief Woodward was quoted as saying that they did not need silverware to be commercially successful, per the Daily Mail in 2013.

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But Maguire argues that City’s success in the last financial year proves that it certainly helps.

You have to be very careful about the results because they have been distorted for technical reasons,” he told Football Insider‘s Adam Williams.

“City played 44 league games over the accounting period. Therefore, you have the broadcasting rights for that compared to only 32 games the previous year.

“But there are still some impressive numbers. The continual growth of commercial revenue will please the hierarchy.

“They can take some credit for that because they are taking a leaf out of Man United’s book.

“They are expanding the number of commercial partners they’ve got on a global basis.

“The big advantage they’ve got is that they can advertise products alongside the Premier League trophy.

That counts for a lot, especially in the international market.

“Ed Woodward has said you don’t need to win trophies to be successful, and I can understand his point of view.

“But the growth of City does appear to have made his comments look invalid, to an extent.

City are yet to release their full results via Companies House.

Richard Arnold has been named as Woodward’s successor at Old Trafford in February.

In other news, Man City tipped by pundit to “win everything” after journalist’s update on Erling Haaland pursuit.