Manchester City accounts explained: what the 2024/25 filing really says

Quick answer

Manchester City's latest audited accounts (2024/25, covering the period 2024-07-01 to 2025-06-30) show revenue of £694m, wages of £408m — 58.8% of revenue — and a loss of £9.9m. PSRwatch's 2026/27 forecast currently has the club at 85.7% of the squad-cost limit ("Risk").

What the filing shows

These are the club's most recent audited accounts in the PSRwatch model, covering the period 2024-07-01 to 2025-06-30, when Manchester City were in the Premier League. Audited accounts are the firmest financial evidence available for any club — unlike transfer fees and wages reported in the press, these numbers were signed off by auditors and filed at Companies House. They arrive many months after the season ends, which is exactly why PSRwatch builds forecasts on top of them rather than waiting.

| Line | 2024/25 | 2023/24 | Change |

| --- | --- | --- | --- |

| Revenue | £694m | £715m | £-20.9m |

| Wages | £408m | £413m | £-4.2m |

| Player amortisation | £170m | £165m | £4.5m |

| Profit on player disposals | £95.2m | £139m | £-43.8m |

| Operating profit/(loss) | £-93.3m | £-60.5m | £-32.8m |

| Pre-tax profit/(loss) | £-9.9m | £73.8m | £-83.7m |

Revenue

Total revenue for 2024/25 came in at £694m. Revenue fell by £20.9m (2.9%) compared with 2023/24. Revenue is the denominator of the new squad-cost rules — every pound of football income earns headroom under the 85% limit — so this line matters as much as any cost when judging where the club stands.

Wages

The wage bill was £408m, which is 58.8% of revenue. The wage bill fell by £4.2m (1%) against 2023/24. That is a manageable wage-to-revenue ratio by Premier League standards, and it is the single largest input into the squad-cost calculation.

Profit and loss

The bottom line was a loss of £9.9m before tax, with an operating loss of £93.3m and net finance items of £11.8m. That compares with a profit of £73.8m in 2023/24. For profitability-rule purposes, PSRwatch estimates around £19.3m of allowable add-backs (depreciation plus youth and community spending) would soften this result.

Player trading

Profit on player disposals was £95.2m — the accounting gain when players are sold for more than their remaining book value. This line is football's favourite lever for repairing a profit-and-loss account, because sales land in full immediately while purchase costs are spread over contracts. In cash-market terms, Transfermarkt records roughly £207m of transfer expenditure against £120m of transfer income for the season — a net spend of £86.1m. Market fees and accounting numbers measure different things, so the two will never match exactly. Amortisation of player registrations — the annual accounting cost of past transfer fees — was £170m.

What changed from the previous period

Against 2023/24: revenue fell by £20.9m (2.9%); wages fell by £4.2m (1%); and the pre-tax result moved from a profit of £73.8m to a loss of £9.9m. Player amortisation rose by £4.5m (2.7%), a sign of how much recent transfer spending is now flowing through the accounts. Year-on-year movement matters more than any single season here: the squad-cost rules are assessed annually, and the trend in wages relative to revenue is the best early warning of pressure building.

What it means for squad-cost room

These accounts are the audited base underneath PSRwatch's live 2026/27 forecast for Manchester City. That forecast currently models squad cost of £687m against a football income base of £802m — a squad-cost ratio of 85.7%, status "Risk". That puts the club an estimated £5.9m over the 85% line where the Premier League levy starts, though still £235m short of the 115% red zone where points deductions begin. The audited numbers above anchor the income side of that calculation; the cost side is projected forward from wages, transfer amortisation and this summer's window. You can explore the full position on the Manchester City club page or stress-test it in the PSRwatch calculator.

Caveats

• Figures are extracted from Companies House filings and rounded to the nearest £0.1m; presentation differs between clubs and some lines involve judgement calls in mapping.
• Group structures matter: some clubs file through parent companies, and the entity filed may not capture every football-related cost or revenue stream.
• The accounts cover 2024/25, so they pre-date the current squad and this summer's transfer business — they are the foundation of the forecast, not the forecast itself.
• PSR and squad-cost calculations apply league-specific adjustments (women's football, youth and community spending, depreciation) that are not always disclosed separately, so PSRwatch estimates them.
• Nothing here is an official Premier League calculation; every derived figure is a PSRwatch estimate.

Sources

• Companies House: Manchester City filing history
• PSRwatch: Manchester City club page
• PSRwatch methodology

PSRwatch figures are independent estimates built from filed accounts, provider transfer and wage data, and PSRwatch modelling. They are not official Premier League, EFL or UEFA calculations. Where a fee or wage is unconfirmed we say so, and undisclosed fees are never presented as real numbers.