Man City: £292m CFG losses won't impact club’s transfer spending, sources confirm
Manchester City’s ownership group has recorded huge losses after investing heavily on infrastructure projects.
Pep Guardiola’s side form part of the City Football Group (CFG), which was created in 2013 to build a multi-club organisation, with 11 more teams making up the portfolio.
CFG published its latest accounts for 2024-25 last week, showing its revenue dropped from £933m in 2023-24 to £888m last season.
Meanwhile, the group’s pre-tax losses increased from £122.2m to £292.3m across the same period.
Sources have told Football Insider those losses are not expected to have any impact on Man City’s financial situation moving forward.
Which clubs make up Man City's ownership group?
CFG currently leads the way in the multi-club space after adding several teams to its portfolio over the past 13 years.
Alongside Man City, its list of clubs includes New York City, Melbourne City, Yokohama F. Marinos, Girona, Lommel SK, Troyes, Palermo, Bahia, Shenzhen Peng City, Montevideo City Torque and Club Bolivar.
The latest accounts exclude Girona after the Spanish side were transferred to a blind trust last season to satisfy Uefa’s multi-club ownership rules.
Sheikh Mansour is CFG’s largest shareholder after increasing his stake to more than 80 per cent over the past couple of years, having injected hundreds of millions through his vehicle, Newton Investment and Development.
As a result, Silicon Valley-based private equity firm Silver Lake, which initially bought shares in the group in 2019, has seen its stake diluted to below 17 per cent.
CFG is expected to continue making significant losses due to its ongoing infrastructure projects, which include the expansion of the North Stand at the Etihad Stadium and the construction of New York City’s new stadium.
However, sources say Man City’s spending restrictions will be guided more by the Premier League and Uefa’s financial rules than the losses of their ownership group.
How much revenue do Man City generate?
Man City continue to make up the majority of CFG’s revenue after releasing their latest accounts in December.
Although they remain in a strong financial position, the Manchester giants' turnover fell from a club-record £715m in 2023-24 to £694.1m last season.
Man City have enjoyed great commercial success in recent years, but their revenue in that department slipped from £344.7m to £340.3m.
Broadcast revenue at the Etihad fell from £294.7m to £278.6m, while matchday income dropped slightly from £75.6m to £75.1m.
Elsewhere, Guardiola’s side recorded a £9.9m pre-tax loss last season, having made a £73.8m profit in the previous year.