Manchester City have surpassed Manchester United on the pitch in recent times. Now it appears they are starting to beat their once all-powerful neighbours in the financial stakes too.
Newly-published figures show that City’s revenues exceeded those of rivals Manchester United for the first time last year.
City have reported record revenue of Stg 569.8 million ($A1.1 billion) for the 2020-21 season – an increase of 19 per cent on the previous year – with a profit of Stg 2.4million ($A4.5 million).
United recorded revenue of Stg 494.1million ($A932 million) for the financial year ended June 30, 2021, although the figures were heavily impacted by the coronavirus pandemic, with the loss of matchday income at Old Trafford particularly keenly felt.
City’s latest figures, published in their annual report for 2020-21, represent a club record in terms of revenue and reflect a highly successful campaign on the field.
The men’s first team won both the Premier League and League Cup and reached the Champions League final for the first time.
The return to profitability comes after a loss of Stg 126million ($A238 million) in 2019-20, when the pandemic first hit.
Chief executive Ferran Soriano said: “This is not a club that gives up when the going gets tough.
“From a business perspective, we were pleased to return to profitability, having successfully navigated the revenue challenges created by the pandemic.
“COVID-19 did not stop us, and we continued to grow, innovate and develop new ideas.”