Soccer-Man City post record revenue in 2020-21 despite COVID-19 impact

Soccer-Man City post record revenue in 2020-21 despite COVID-19 impact

12/1/2022 9:42:00 PM

Soccer-Man City post record revenue in 2020-21 despite COVID-19 impact

(Reuters) - Premier League champions Manchester City posted record revenues for the 2020-21 season, as they returned to profitability despite playing most of the campaign without fans in the stadium due to the COVID-19 pandemic.

The figure beat the previous record of 535.2 million pounds recorded in 2018-19, the last complete season before the pandemic struck.It is the third time in five seasons they have broken the 500 million pounds barrier, while they reported a profit of 2.4 million pounds.

City won the league title and the Carabao Cup in 2020-21 while they also reached the Champions League final and the FA Cup semi-finals.The club's matchday income was down 98% compared to the previous year but this was offset by revenue from other streams, driven by broadcast revenue which increased by 56% on the year before to 297 million pounds.

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The club recorded total revenue of 569.8 million pounds ($780.23 million) for the year ending June 30, the club said in an annual report published on Wednesday. The figure beat the previous record of 535.2 million pounds recorded in 2018-19, the last complete season before the pandemic struck. It is the third time in five seasons they have broken the 500 million pounds barrier, while they reported a profit of 2.4 million pounds. City won the league title and the Carabao Cup in 2020-21 while they also reached the Champions League final and the FA Cup semi-finals. The club's matchday income was down 98% compared to the previous year but this was offset by revenue from other streams, driven by broadcast revenue which increased by 56% on the year before to 297 million pounds. Commercial income was up 10% to 271.7 million pounds thanks to new partners such as Cadbury and AxiTrader. "From a business perspective, we were pleased to return to profitability, having successfully navigated the revenue challenges created by the pandemic," chief executive Ferran Soriano said. "COVID-19 did not stop us, and we continued to grow, innovate and develop new ideas... We are hopeful that the pandemic-related challenges from the last two seasons will continue to subside." City reported a net loss of 126 million pounds for the 2019-20 season after posting record profits of over 10 million pounds in the previous year. City lead the Premier League with 53 points after 21 games. They host second-placed Chelsea, who are 10 points behind, on Saturday. ($1=0.7303 pounds) (Reporting by Hritika Sharma in Bengaluru; Editing by Toby Davis) Article type: metered