City account for more than 70 per cent of the revenue generated by City Football Group, according to a new report examining the future of the global multi-club operation.

CFG has expanded across the world since its formation in 2013, but the figures underline how heavily the organisation still relies on its flagship Premier League club.

Man City remain central to CFG model

The Athletic reports that Manchester City generate more than 70 per cent of CFG’s revenue, despite a network which has included clubs across Europe, North and South America, Asia and Australia. That reliance sits alongside significant losses elsewhere in the organisation. CFG’s latest accounts recorded a £292million pre-tax loss, up sharply from the previous year, with the group comprising dozens of subsidiary companies.

The scale of the investment behind the project is considerable. More than £1.9billion has been injected into CFG and converted into shares since 2013, according to The Athletic, while Sheikh Mansour’s Newton Investment and Development company recently purchased around £100m of new shares.

City themselves remain the financial engine. Their 2024-25 accounts showed revenue of £694.1m and a relatively modest £9.9m pre-tax loss, illustrating the contrast between the Premier League club and the wider group. The figures have acquired added significance because of the continuing uncertainty surrounding City.

An independent commission found the club guilty of serious breaches of Premier League financial rules in September. City have consistently denied wrongdoing and have appealed against the judgment, with that process yet to reach its conclusion.

What ultimately follows therefore remains unclear, both for City and the wider organisation. CFG remains a huge global operation, but more than a decade after its expansion began, the latest numbers underline one constant at the heart of the project.

Manchester City still provide much/most of its financial power.

For all the latest Manchester City news, reaction and analysis, visit our Man City news page.

Gary Gowers is a sports journalist and the editor of Read Everton, where he leads daily coverage of Everton news, transfers and analysis. He also writes about Manchester City for Read Man City and motorsport for Read Motorsport. A former accountant, he became a freelance writer in 2011 and has written for BBC Sport and Metro.