By rikififi90 
The City Football Group (CFG), a conglomerate encompassing clubs like Manchester City and Bahia, is grappling with a challenging financial landscape. In the 2023/24 season, the group posted a pre-tax loss of £122.2 million, equivalent to R$922.1 million, pushing its cumulative deficit since its inception in 2013 to £972.8 million—approximately R$7.3 billion. Despite achieving a record revenue of £933.1 million last season, these figures underscore that the multiclub model has yet to achieve financial stability, even with the sporting success of its flagship team.
Unlike its on-field dominance, where Manchester City shines with consecutive Premier League titles, the off-field results reveal stark contrasts. The English club, the cornerstone of CFG, accounted for 77% of the group’s total revenue and recorded a pre-tax profit of £103.4 million, roughly R$780.3 million. However, this positive performance couldn’t offset the losses incurred by the other 12 clubs in the network, which collectively deepened the conglomerate’s financial shortfall.
Established with the ambition of dominating global football, CFG has expanded its reach across five continents, but soaring operational costs and investments in new talent continue to weigh heavily on its books. Rising staff expenses, which hit £664.3 million, and £322.2 million spent on player acquisitions last season highlight the difficulties of sustaining such an expansive structure.
1️⃣0️⃣0️⃣ days until our #FIFACWC campaign gets under way! 🌎🏆
Tickets available now ⤵️
— Manchester City (@ManCity) March 10, 2025
Uneven performance across the conglomerate’s clubs
While Manchester City solidifies its status as both a financial and sporting powerhouse, the other clubs in the City Football Group struggle to keep pace. The English side, responsible for over £700 million of the group’s revenue, maintains a profitable operation, bolstered by hefty sponsorships and Premier League success. In the 2023/24 season, Pep Guardiola’s team clinched their fourth straight English league title, yet the group as a whole failed to mirror this triumph in its financial statements.
Clubs like Girona in Spain and New York City FC in the United States posted significantly lower revenues. Girona, which stunned La Liga with a third-place finish, generated £59.6 million, while New York City FC contributed £46.5 million. Meanwhile, Bahia, CFG’s Brazilian representative, brought in £31.3 million, a figure reflecting its position in an emerging market but still far from Europe’s heavyweights.
The numbers expose a clear disparity. Other clubs in the network, such as Palermo (Italy), Troyes (France), and Lommel (Belgium), each recorded revenues below £20 million, while five teams—including Mumbai City and Melbourne City—failed to surpass £10 million. This imbalance underscores CFG’s reliance on Manchester City to prop up its global operations.
High investments and recurring losses
The City Football Group allocated £322.2 million to sign new players in the 2023/24 season, with £95.8 million directed to clubs outside Manchester. This spending reflects a strategy to bolster squads in diverse markets, such as Bahia, which welcomed loanee Kayky, and Girona, which transferred players like Santiago Bueno. Yet, the financial returns from these investments have yet to materialize on a large scale.
Over the past three years, CFG has posted losses exceeding £100 million per season, a trend that raises concerns among football analysts. Last season, a £30.3 million credit softened the net loss, but staff costs surged to £664.3 million, further straining finances. Manchester City’s payroll, though reduced from the triplete-winning 2022/23 season, remains the group’s largest budgetary burden.
The global expansion strategy, including the 2022 acquisition of Bahia and a partnership with Bolivia’s Bolívar, demands ongoing investment. CFG also runs ancillary businesses like City SoFive, which operates recreational youth football centers and added £24.5 million to revenue. Still, these ventures fall short of offsetting the group’s total expenditures.
Inside the City Football Group’s structure
Comprising 13 clubs with full or partial ownership, the City Football Group spans a diverse network. Here’s a look at key members:
- Manchester City: The primary asset, generating £715 million in 2023/24.
- Bahia: Acquired in 2022, the Brazilian club contributed £31.3 million.
- Girona: A La Liga standout, with £59.6 million in revenue.
- New York City FC: The U.S. representative, adding £46.5 million.
- Palermo: The Italian side, with £18.5 million in earnings.
Troyes, Lommel, Mumbai City, Melbourne City, Yokohama Marinos, Shenzhen Peng City, and Montevideo City Torque round out the roster, with Bolívar serving as a strategic partner. This setup reflects Sheikh Mansour bin Zayed Al Nahyan’s vision of building a global football ecosystem.
Manchester City shines but can’t rescue the group
Accounting for 77% of CFG’s revenue, Manchester City stands out as the crown jewel. In the 2023/24 season, the club raked in £715 million, fueled by sponsorships, ticket sales, and Premier League prize money. Its £103.4 million pre-tax profit reinforces its financial strength, even without the windfall from the 2022/23 triplete.
Off the pitch, progress continues. Rodri’s return to individual training with a ball, after a spell on the sidelines, boosts Pep Guardiola’s hopes for a Champions League turnaround following a group-stage exit. Within CFG, however, Manchester City’s success starkly contrasts with the struggles of other clubs, which have yet to find a sustainable model.
The disparity is glaring when comparing figures. While Manchester City thrives, teams like Bahia and Girona, despite sporting strides, generate modest revenues. Bahia, for instance, fielded a 2023 signing in 31 matches without establishing him as a starter, highlighting integration challenges within the network.
CFG’s financial timeline since inception
The City Football Group’s financial history reveals a pattern of heavy investment and persistent losses. Key milestones include:
- 2013: CFG founded, initially centered on Manchester City.
- 2022: Bahia acquired, expanding into South America.
- 2023/24: Record revenue of £933.1 million, yet a £122.2 million loss.
- Cumulative total: £972.8 million deficit since 2013.
This trajectory shows revenue growth but a persistent struggle to turn gains into net profit, particularly beyond Manchester City.
Global strategy under financial strain
With clubs across Europe, Asia, the Americas, and Oceania, CFG bets on diversification to cement its brand. Player sales like Taty Castellanos from New York City FC to Lazio and Gabriel Pereira, also from NYCFC, yielded £72.1 million in profit last season. These deals signal efforts to balance the books, but investments in smaller squads have yet to deliver proportional returns.
In Brazil, Bahia represents a foothold in South America. Set to face Boston River in the 2025 Libertadores, the club aims to grow under CFG’s stewardship, though its £31.3 million revenue pales beside Europe’s giants. Kayky’s return from a Manchester City loan exemplifies the group’s push for synergy across its clubs.
Mounting pressure for financial results accompanies CFG’s expanding footprint. The £95.8 million spent on players for non-Manchester City teams last season underscores a commitment to global development, but it also lays bare the risks of such an ambitious operation.
The City Football Group (CFG), a conglomerate encompassing clubs like Manchester City and Bahia, is grappling with a challenging financial landscape. In the 2023/24 season, the group posted a pre-tax loss of £122.2 million, equivalent to R$922.1 million, pushing its cumulative deficit since its inception in 2013 to £972.8 million—approximately R$7.3 billion. Despite achieving a record revenue of £933.1 million last season, these figures underscore that the multiclub model has yet to achieve financial stability, even with the sporting success of its flagship team.
Unlike its on-field dominance, where Manchester City shines with consecutive Premier League titles, the off-field results reveal stark contrasts. The English club, the cornerstone of CFG, accounted for 77% of the group’s total revenue and recorded a pre-tax profit of £103.4 million, roughly R$780.3 million. However, this positive performance couldn’t offset the losses incurred by the other 12 clubs in the network, which collectively deepened the conglomerate’s financial shortfall.
Established with the ambition of dominating global football, CFG has expanded its reach across five continents, but soaring operational costs and investments in new talent continue to weigh heavily on its books. Rising staff expenses, which hit £664.3 million, and £322.2 million spent on player acquisitions last season highlight the difficulties of sustaining such an expansive structure.
1️⃣0️⃣0️⃣ days until our #FIFACWC campaign gets under way! 🌎🏆
Tickets available now ⤵️
— Manchester City (@ManCity) March 10, 2025
Uneven performance across the conglomerate’s clubs
While Manchester City solidifies its status as both a financial and sporting powerhouse, the other clubs in the City Football Group struggle to keep pace. The English side, responsible for over £700 million of the group’s revenue, maintains a profitable operation, bolstered by hefty sponsorships and Premier League success. In the 2023/24 season, Pep Guardiola’s team clinched their fourth straight English league title, yet the group as a whole failed to mirror this triumph in its financial statements.
Clubs like Girona in Spain and New York City FC in the United States posted significantly lower revenues. Girona, which stunned La Liga with a third-place finish, generated £59.6 million, while New York City FC contributed £46.5 million. Meanwhile, Bahia, CFG’s Brazilian representative, brought in £31.3 million, a figure reflecting its position in an emerging market but still far from Europe’s heavyweights.
The numbers expose a clear disparity. Other clubs in the network, such as Palermo (Italy), Troyes (France), and Lommel (Belgium), each recorded revenues below £20 million, while five teams—including Mumbai City and Melbourne City—failed to surpass £10 million. This imbalance underscores CFG’s reliance on Manchester City to prop up its global operations.
High investments and recurring losses
The City Football Group allocated £322.2 million to sign new players in the 2023/24 season, with £95.8 million directed to clubs outside Manchester. This spending reflects a strategy to bolster squads in diverse markets, such as Bahia, which welcomed loanee Kayky, and Girona, which transferred players like Santiago Bueno. Yet, the financial returns from these investments have yet to materialize on a large scale.
Over the past three years, CFG has posted losses exceeding £100 million per season, a trend that raises concerns among football analysts. Last season, a £30.3 million credit softened the net loss, but staff costs surged to £664.3 million, further straining finances. Manchester City’s payroll, though reduced from the triplete-winning 2022/23 season, remains the group’s largest budgetary burden.
The global expansion strategy, including the 2022 acquisition of Bahia and a partnership with Bolivia’s Bolívar, demands ongoing investment. CFG also runs ancillary businesses like City SoFive, which operates recreational youth football centers and added £24.5 million to revenue. Still, these ventures fall short of offsetting the group’s total expenditures.
Inside the City Football Group’s structure
Comprising 13 clubs with full or partial ownership, the City Football Group spans a diverse network. Here’s a look at key members:
- Manchester City: The primary asset, generating £715 million in 2023/24.
- Bahia: Acquired in 2022, the Brazilian club contributed £31.3 million.
- Girona: A La Liga standout, with £59.6 million in revenue.
- New York City FC: The U.S. representative, adding £46.5 million.
- Palermo: The Italian side, with £18.5 million in earnings.
Troyes, Lommel, Mumbai City, Melbourne City, Yokohama Marinos, Shenzhen Peng City, and Montevideo City Torque round out the roster, with Bolívar serving as a strategic partner. This setup reflects Sheikh Mansour bin Zayed Al Nahyan’s vision of building a global football ecosystem.
Manchester City shines but can’t rescue the group
Accounting for 77% of CFG’s revenue, Manchester City stands out as the crown jewel. In the 2023/24 season, the club raked in £715 million, fueled by sponsorships, ticket sales, and Premier League prize money. Its £103.4 million pre-tax profit reinforces its financial strength, even without the windfall from the 2022/23 triplete.
Off the pitch, progress continues. Rodri’s return to individual training with a ball, after a spell on the sidelines, boosts Pep Guardiola’s hopes for a Champions League turnaround following a group-stage exit. Within CFG, however, Manchester City’s success starkly contrasts with the struggles of other clubs, which have yet to find a sustainable model.
The disparity is glaring when comparing figures. While Manchester City thrives, teams like Bahia and Girona, despite sporting strides, generate modest revenues. Bahia, for instance, fielded a 2023 signing in 31 matches without establishing him as a starter, highlighting integration challenges within the network.
CFG’s financial timeline since inception
The City Football Group’s financial history reveals a pattern of heavy investment and persistent losses. Key milestones include:
- 2013: CFG founded, initially centered on Manchester City.
- 2022: Bahia acquired, expanding into South America.
- 2023/24: Record revenue of £933.1 million, yet a £122.2 million loss.
- Cumulative total: £972.8 million deficit since 2013.
This trajectory shows revenue growth but a persistent struggle to turn gains into net profit, particularly beyond Manchester City.
Global strategy under financial strain
With clubs across Europe, Asia, the Americas, and Oceania, CFG bets on diversification to cement its brand. Player sales like Taty Castellanos from New York City FC to Lazio and Gabriel Pereira, also from NYCFC, yielded £72.1 million in profit last season. These deals signal efforts to balance the books, but investments in smaller squads have yet to deliver proportional returns.
In Brazil, Bahia represents a foothold in South America. Set to face Boston River in the 2025 Libertadores, the club aims to grow under CFG’s stewardship, though its £31.3 million revenue pales beside Europe’s giants. Kayky’s return from a Manchester City loan exemplifies the group’s push for synergy across its clubs.
Mounting pressure for financial results accompanies CFG’s expanding footprint. The £95.8 million spent on players for non-Manchester City teams last season underscores a commitment to global development, but it also lays bare the risks of such an ambitious operation.
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