Every year, City Football Group files a financial statement with Companies House, the British government agency that registers corporations doing business in the United Kingdom. When CFG's 2022-23 filing was recently made public, most of the press focused on Manchester City, and the group's £112m loss.
But that headline, eye-grabbing as it might be, overlooked figures that might be of interest to a wider soccer audience.
There was revenue from New York City FC for one, which CFG disclosed to be £48.2 million ($61.1 million), a 24.2% increase over the £38.8 million ($49.2 million) reported the year before.
There was a huge jump in revenue at Girona FC for another, which climbed from £11.4 million ($14.5 million) to £49.2 million ($62.4 million), largely due to a £29.3 million ($37.2 million) increase in broadcasting fees after the club earned promotion to La Liga.
And there were the purchase prices of Palermo FC and Esporte Clube Bahia. Palermo's price tag was reported by various media outlets to be between £11.2 million and £11.5 million. CFG disclosed their payment for an 80% share in the club to be £12.7 million ($16.10 million). In these pages, we reported that CFG paid £158 million ($200 million) for Bahia. It turns out their 90% stake cost £155.1 million ($196.4 million). Mea culpa.
We combed through the 72-page document and found that there's much to discover in these numbers. We also see that there many questions that remain unanswered.
Read on for more financial fun.
Note: All monetary sums are first cited in British pounds, which is the currency used on the Annual Report and Financial Statements that CFG filed with Companies House. Those numbers are then converted into United States dollars at the current exchange rate as of the publication of this article.
1. New York City's growing revenue
In the filing, CFG credits NYCFC's rising revenue to sponsorship deals, which grew 32.2% to £34.8 million ($44.12 million), and matchday revenue, which grew 21.2% to £12 million ($15.21 million). Those two income streams account for almost all of New York City's annual revenue of £48.2 million ($61.1 million). Earlier this year, Forbes estimated New York City's revenue to be $70 million, and league-leading LAFC's revenue to be $140 million.
Keep in mind that the document filed this year covers the period from July 1, 2022, to June 30, 2023.
Looking at past disclosures, New York City's revenue has grown steadily over the years. It took a tumble in 2018-2019, then dipped further when COVID hit the pause button on all sports in 2020. But it recovered in 2021-2022, and continued to climb last year.
New York City FC Revenue by Year
| Year | Revenue £ | Revenue $ | Change |
|---|---|---|---|
| 2022-2023 | £48.2 million | $61.1 million | 24.2% |
| 2021-2022 | £38.8 million | $49.2 million | 46.0% |
| 2020-2021 | £26.6 million | $33.7 million | -19.8% |
| 2019-2020 | £33.1 million | $42.0 million | -10.3% |
| 2018-2019 | £36.9 million | $46.8 million | -8.6% |
| 2017-2018 | £40.4 million | $51.2 million | 34.0% |
| 2016-2017 | £30.1 million | $38.2 million | 27.8% |
| 2015-2016 | £23.6 million | $29.9 million | 103.4% |
| 2014-2015 | £11.6 million | $14.7 million | – |
What's included in the 2022-2023 revenue: The buzzy energy in the stands after winning the 2021 MLS Cup, and the club's run to the 2022 MLS Cup Playoff Eastern Conference Final.
What's not included: The 2023 Leagues Cup, or sale of Taty Castellanos to SS Lazio for a reported $16 million and Gabriel Pereira to Qatar's Al-Rayyan for a reported $10 million — both of those transactions took place in July, 2023.
2. Girona overtakes New York City
Ever since CFG announced the formation of NYCFC back in May 2013, New York City was the Pancho to Manchester City's Cisco Kid. Manchester City was the undisputed star, but NYCFC was the second-most important club in the group's ever-expanding portfolio.
That might be changing. As explained in the introduction, Girona's revenue skyrocketed from £11.4 million ($14.5 million) to £49.2 million ($62.4 million) after earning promotion and taking a share of La Liga's broadcasting rights — that's a year-on-year increase of 331.6%. The number is mostly ascribed to the £29.3 million ($37.2 million) in broadcasting fees Girona now earns.
| Team* | Revenue £ | Revenue $ |
|---|---|---|
| Manchester City | £712.8 million | $903.7 million |
| Girona FC | £49.2 million | $62.4 million |
| New York City FC | £48.2 million | $61.1 million |
| Palermo | £13.0 million | $16.5 million |
| ESTAC Troyes | £11.8 million | $15.0 million |
| Melbourne City FC | £8.2 million | $10.4 million |
| Esporte Clube Bahia | £5.0 million | $6.3 million |
| Lommel SK | £2.4 million | $3.0 million |
| Montevideo City Torque | £0.8 million | $1.0 million |
| Mumbai City FC | £0.2 million | $0.3 million |
| Sichuan Jiuniu FC | £0.0 million | $0.0 million |
* Revenue for Yokohama F. Marinos in Japan and Club Bolivar in Bolivia weren't included in the disclosure, and İstanbul Başakşehir was acquired after the period covered by the filing.
That number will likely grow larger when CFG files their next disclosure in 2025. Girona currently sit in third place in La Liga, and spent much of the season threatening to climb into first: Matchday revenue is likely the highest in club history.
Revenue reported in 2026 might be even higher. Girona is almost assuredly going to compete for European silverware next season, and the team's broadcast income will be even greater.
3. SoFive brought in $16.6 million
SoFive, CFG’s chain of indoor soccer centers with locations in Brooklyn, Los Angeles, Chicago, and other football-friendly places, had a revenue of £13.1 million ($16.6 million). According to CFG, revenue climbed 52.3% over the previous year's £8.6 million ($10.9 million).
