2024/25 Annual report - £694.1m revenue, £9.9m loss

Prestwich_Blue said:
Right, I've had a look and put the numbers into my spreadsheet I use to track them.

Revenue we know is down just over £20m compared to the previous 2 years and that's due to the £34m we dropped from 2024 due to our poor performance and early exit from the CL. That's offset by a £18m increase in other media revenue, which could be down to revenue recognised from the CWC games played prior to June 30th. This current year we've got a new PL deal kicking in, plus the rest of the. WC revenue, so assuming we get back to our normal performance in the CL, revenue in the current FY should be very healthy indeed. I'd say £750m isn't out of the question, and that doesn't take into account the new deals with Etihad and First Abu Dhabi Bank. And the extra 6,000 seats, plus the hotel, will start to come on stream. So potentially £800m, which will smash the previous record.

On the down side, wages were largely static £408.4m vs £412.6 in 2024, which is disappointing given our lack of trophies and therefore bonuses. Other Operating Expenses are up by £7.5m, meaning our overall cash expenses were slightly up on 2024.

That means EBITDA (Earnings before Interest, Tax, Depreciation and Amortisation was £91.4m, which is over £25m down on 2024. Player amortisation is slightly up on the previous year but our summer spending was relatively modest. Profit on player trading was the biggest issue, even though we reported £95.2m. Last FY it was £139m so while decent, it's nearly a £45m drop.

Interest payable has jumped significantly, from £5.9m in 2024 to £19.6m in 2025. I'd guess that's because of some borrowing to fund the NS extension. However interest receivable has increased from £1.1m to £7.8m so I'd guess that's due to us sitting on money we've been advanced to fund the expansion.

A figure I like to track is our Operating Loss before player trading and that's been increasing steadily the last 5 years, from £9.8m in 2021, to £60.5m last FY and £93.4m this year. Not many clubs make an operating profit so that's not a problem in itself but I'd be happy to see this figure getting back to the £20m it was in 2022.

Overall we've turned a net profit of £73.8m in 2024 into a £9.9m loss in 2025. That's mostly due to (a) our CL performance and (b) our lower player trading profit.

There's nothing noteworthy in the rest of the accounts and we should have generated reasonable cashflow so nothing concerning all in all.
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Am I right in thinking that because we did our business on the buying side early in the summer costs will be a little higher transfers and wages whilst profit / savings / sales loans won’t show up till this set of account
 
bluemc said:
Our revenues will be a lot lower in 2026/27 when we're playing in League Two and all the players have ripped up their contracts to leave on free transfers.
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As if Cherki could do it on bleak Wednesday up in Macc. We wouldn't want those contracts - we'd want proper 'ard men who like it up 'em, not fop-haired dilettantes who can only play on carpet.
 
Aren't the staff wages paid by another City related company and not the club itself?

I could be mistaken, but I remember the club taking the staff wages off the clubs books?
 
Prestwich_Blue said:
Right, I've had a look and put the numbers into my spreadsheet I use to track them.

Revenue we know is down just over £20m compared to the previous 2 years and that's due to the £34m we dropped from 2024 due to our poor performance and early exit from the CL. That's offset by a £18m increase in other media revenue, which could be down to revenue recognised from the CWC games played prior to June 30th. This current year we've got a new PL deal kicking in, plus the rest of the. WC revenue, so assuming we get back to our normal performance in the CL, revenue in the current FY should be very healthy indeed. I'd say £750m isn't out of the question, and that doesn't take into account the new deals with Etihad and First Abu Dhabi Bank. And the extra 6,000 seats, plus the hotel, will start to come on stream. So potentially £800m, which will smash the previous record.

On the down side, wages were largely static £408.4m vs £412.6 in 2024, which is disappointing given our lack of trophies and therefore bonuses. Other Operating Expenses are up by £7.5m, meaning our overall cash expenses were slightly up on 2024.

That means EBITDA (Earnings before Interest, Tax, Depreciation and Amortisation was £91.4m, which is over £25m down on 2024. Player amortisation is slightly up on the previous year but our summer spending was relatively modest. Profit on player trading was the biggest issue, even though we reported £95.2m. Last FY it was £139m so while decent, it's nearly a £45m drop.

Interest payable has jumped significantly, from £5.9m in 2024 to £19.6m in 2025. I'd guess that's because of some borrowing to fund the NS extension. However interest receivable has increased from £1.1m to £7.8m so I'd guess that's due to us sitting on money we've been advanced to fund the expansion.

A figure I like to track is our Operating Loss before player trading and that's been increasing steadily the last 5 years, from £9.8m in 2021, to £60.5m last FY and £93.4m this year. Not many clubs make an operating profit so that's not a problem in itself but I'd be happy to see this figure getting back to the £20m it was in 2022.

Overall we've turned a net profit of £73.8m in 2024 into a £9.9m loss in 2025. That's mostly due to (a) our CL performance and (b) our lower player trading profit.

There's nothing noteworthy in the rest of the accounts and we should have generated reasonable cashflow so nothing concerning all in all.
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Whatever the club have lost on CL money have been compensated by CWC
 
jrb said:
Aren't the staff wages paid by another City related company and not the club itself?

I could be mistaken, but I remember the club taking the staff wages off the clubs books?
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The execs like Soriano are on CFG's books but possibly some of that is cross-charged to City through Operating Expenses.

There are 2 other companies, City Football Services and City Football Marketing, which provide football & marketing to CFG and have staff on their books. Their wages are paid by those companies but any work they do for the CFG clubs, including City, is cross-charged to those clubs.
 
jazzy said:
Increase the price of pies/chips and charge to go in the bogs that should bring us back into profit :)
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To misquote the other (better) FA...

"if you haven't paid to use the spirals, you'll have to fecking jump"
 
Keepingthefaithsince1976 said:
Did City buy buses for match days or do they rent them? There are about 14 routes i think. That's an expense we didn't have in previous years right?
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Operationally it is run by TFGM and I very much doubt that there is any significant expense to City. Perhaps there are minor branding costs?
 
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