City Football Group (CFG), the parent company of Manchester City and its multi-club network, has reported a £122.2 million pre-tax loss for the 2023-24 season, bringing its cumulative losses since 2013 to a staggering £972.8 million, reports The Athletic.
Despite this, Manchester City itself recorded a pre-tax profit of £103.4 million during the same period.
CFG’s financial struggles have continued, with losses exceeding £100 million for the third consecutive season. However, the group benefited from a £30.3 million income tax credit, which reduced the overall net loss. CFG’s board had previously set a goal to reach profitability within three years of its 2013-14 season, but the group has yet to achieve this milestone.
Though the loss has slightly decreased by £4.7 million (a 4% reduction), CFG’s financial recovery remains a work in progress.