MANCHESTER CITY

OUR STORY ANNUAL REPORT 2016-17

MANCHESTER CITY FOOTBALL CLUB

ANNUAL REPORT 2016-17

OUR CITY, OUR STORY,

OUR YEAR IN REVIEW
Our story started over a century ago, with a deeply-rooted
OUR YEAR IN REVIEW
local club, its heart in the community.
02 Chairman’s statement
03 CEO’s message
04 Our teams
What follows here is another chapter in our history, a record
06 Men of our year, starring our teams, our fans, our partners and
08 Women
10 Spotlight: Manchester City’s stellar season our people. The report documents our sporting successes
11 Elite Development Squad and challenges, and the continued commercial sustainability
12 Academy
14 Cityzens
that underpins our growth.
16 Matchday
19 Digital
21 Community
City in the Community turns 30, the women’s team win
24 Spotlight: City in the Community turns 30 a domestic treble and Pep Guardiola completes his first
25 Membership and supporter clubs
26 Spotlight: Cityzens Weekend season as manager of the men’s team. The story continues.
27 Our business
29 Performance
31 Global vision
We hope you find it useful and enjoyable.
35 Partners
40 People and places

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AIRMAN
ANNUAL REPORT 2016-17

CHAIRMAN’S
STATEMENT
The 2016-17 season – the to pick just two. These displays gave us a hint of Away from the pitch, we have always been clear
the type of football – and results – that we want that on-field success and financial sustainability
first under new manager Pep to consistently see in the seasons ahead. must exist hand-in-hand. For the third consecutive
Guardiola – was something of a year, our business is profitable and revenues
contradiction. It was a season For our women’s team, success came in continue to grow to record levels for the ninth
in which no silverware was abundance in 2016-17, including winning the successive season, pushing beyond £400 million
domestic treble and making the semi-final of the and towards the £500 million mark. We also
won by our first team and in Champions League. This was an outstanding continue to operate with zero financial debt.
which we finished third in the achievement and coach Nick Cushing and the
Premier League, only securing entire team and support staff deserve much credit Beyond Manchester, our global footprint continued
our Champions League position for their hard work, professionalism and the to expand with our community engagement
extraordinary team spirit they have created. They programmes reaching ever further afield, with
relatively late. And yet, at the same have succeeded in firmly establishing our women’s expanded digital outreach and new global
time, this was also a season of team as a major force in the game. partnerships. From City Football Group’s
promise and of some very real perspective, we welcomed our fifth club, CA Torque
The high standards to which our senior men’s and
highlights which will live in the women’s teams are held applies across all age
in Montevideo, Uruguay. This investment enables
our organisation to build on existing connectivity in
memory for years to come. groups, not least the Elite Development Squad. Two Uruguay and helps us to expand our options in
members of that squad made their first team debuts identifying and developing local and South American
Whilst we achieved 12 more points in the League last season and nine trophies were won by our talent. It also enables us to create an administrative
(78) than the previous season (66), silverware academy teams throughout the year. The ongoing hub for our pre-existing scouting operations in the showed the world the deep community spirit and
remains the most important on-field performance development of Phil Foden and Brahim Diaz in region and provides us with our first permanent strength of this special city that we are proud to be
benchmark for His Highness Sheikh Mansour, particular, continues to be encouraging and our presence in South America. We are pleased to a part of.
myself and the Board, and in reality everyone commitment to nurture our own talent remains a welcome the Club into the City Football family.
involved with our Club. In the last seven seasons, central pillar for the Club’s long-term sustainability. The 2017-18 season will be the tenth under His
we have won more trophies than any other team in It is important to acknowledge that this was also a Highness Sheikh Mansour’s stewardship. In the
the Premier League. In doing so, in the last five This was also a season where we said goodbye to year in which we were saddened by tragic events context of more than more than 120 years of
years we have scored more goals and have won some highly-regarded representatives of the club. Club history, this is a relatively short period of time,
in the City of Manchester. In May of this year,
more league games than any of our rivals. Having Willy Caballero, Jesus Navas, Bacary Sagna and but it has been one of significant growth, with much
Manchester experienced one of the darkest days
set such high standards for ourselves it is inevitable Gael Clichy all left with our thanks and recognition learned and much gained on a journey that still
in its recent history when the Manchester Arena
that finishing a campaign empty-handed brought for their very real contributions to our continuing has a long way to go. We enter this season with
was attacked. I know that many of our staff and
with it a raw sense of disappointment. story, as did Samir Nasri and Aleksandar Kolarov a justifiable sense of ambition and expectation.
fans were impacted either directly or indirectly by
after six and seven years respectively of significant A feeling shared by everyone who is passionate
the incident. The emergency services in the city,
To some extent that disappointment was offset by service to Manchester City. And of course, in what about Manchester City. For me that is the greatest
with which we work so closely throughout the year
the quality of football that was played at times was one of the most emotional nights ever seen at indicator of the progress we have made since 2008.
during the season. The targeted investment in the the Etihad Stadium, Pablo Zabaleta bade farewell to when running matches, events and general
summer of 2016 in some talented young players, all of us after nine years of unwavering commitment operations, showed incredible bravery and
blended together with the existing capabilities in to the team, to the fans and to the history of this resilience through this most testing of times and we
remain grateful for their courageous service. The Khaldoon Al Mubarak
our squad, led to an impressive start to the season club. A character such as his, both on and off the Manchester City Football Club
and some memorable performances, such as pitch, is something of a rarity and he will always be stories of incredible generosity and personal
Chairman
Monaco at home and Manchester United away, part of the City family. sacrifice in the most difficult circumstances

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CEO
ANNUAL REPORT 2016-17

CEO’S
MESSAGE
One year ago, on these players including Zabaleta, Clichy, Sagna, This year we announced a new member of
Caballero, Navas, Kolarov and Nasri have left the our City Football Group family – FC Torque in
pages, we talked about the Club. We will continue to strengthen the squad Uruguay – a club that will help increase our
opening of a new chapter every year but we believe that we now have a presence and player development activities
for Manchester City. group of players capable of playing the football in South America. This growth comes as our
we want and winning titles while doing so. earlier acquisitions reach a level of maturity
A new manager had been presented to our
which has seen them win men’s and women’s
fans at our first ‘Cityzens Weekend’, a new
These investments are built upon a platform of trophies (Melbourne), improve their final ranking
badge had been unveiled and a new website
sustained commercial and financial success. by 13 places (New York) and make encouraging
launched. ‘It begins’ was the theme, meaning
This year we achieved record revenues progress, particularly in reaching the semi-finals
we were taking a new step in our journey
(£473.4 million) for the ninth consecutive in both domestic cups (Yokohama f Marinos).
to become, and sustain ourselves as, one
year and entered our third consecutive year We are now seeing how our growing network
of the leading football clubs in the world.
as a profit-making business. We continue of clubs can translate both into commercial
to operate with zero financial debt, and our opportunities for the group and development
We finished the first season of this chapter
wage/revenue ratio sits at a healthy 56%. opportunities for players. As an example, we
without any trophies and we will never be
saw young Australian Aaron Mooy, formerly
satisfied with that, but at the same time, it
It has been two years since we moved into the a Melbourne City player, join Huddersfield
was a season of promise and progress. We
City Football Academy, built primarily as a youth Town for the Club’s record transfer fee.
scored more goals, created more chances,
development centre, as well as home for our
had the highest level of possession in the
senior teams. We are beginning to see the results These global developments also benefit
league and achieved 12 points more than the 2017 was a challenging year for Manchester,
of this investment with players like Phil Foden, our international community programmes,
previous season. More importantly, several following the tragic events at Manchester
Brahim Diaz and Tosin Adarabioyo making their building on our flourishing local ones. Last
times during the season, our team showed Arena that directly affected many families
first team debuts, whilst the Academy won nine year, Cityzens Giving benefited projects
exactly the type of quality football we want to and so many people at home and around the
trophies across all age groups. There is certainly in 12 cities around the world, including a
be playing, with some very impressive displays. world. Mancunians showed their unwavering
much more to do to help our players bridge new project in Beijing which was launched
We are committed to playing beautiful football strength and solidarity and Manchester City FC
the gap between youth and senior football and during the men’s team tour in July 2016.
and to win. Both elements are compatible was humbled in standing alongside them in a
we will continue to work hard in this area.
and the second is a consequence of the first. community united at a time of such sorrow.
The 2016-17 season was another in which
I am convinced we will see further progress
The performance of our women’s team we welcomed new commercial partners and
and silverware in the seasons to come. We now look to the 2017-18 season
deserves special praise. The team won three grew relationships with existing ones. Maybe
domestic trophies and reached the semi- the most significant moment was the signing with ambition and optimism, with confidence
Over the last three seasons, we have tackled in the manager and in the squad, following a
final of the Champions League, with a squad of a new partnership with Nexen Tire, making
another important and strategic challenge: to period of strategic and targeted recruitment,
which boasts 14 internationals, including, Manchester City the first in the Premier League
refresh and rejuvenate the squad that were and with the hope and belief that the team can
for a period, Carli Lloyd, one of the world’s to announce a matchday Shirt Sleeve partner.
Champions in 2012 and 2014. We believe we repay the incredible loyalty and commitment
best players. This team is increasingly Nexen has been a trusted partner for several
have planned and executed well, signing young, of Manchester City fans from all over the world.
recognised as a driving force in women’s years and it is testament to the strength and
talented players that can be the basis of our
sport, something which we are equally proud value of our relationship that they wanted
team for the years to come. Ederson, Stones, Ferran Soriano
of, as we break record league attendances, to elevate the partnership in this way.
Mendy, Walker, Danilo, Gundogan, Bernardo Manchester City Football Club
and introduce exciting digital innovations and
Silva, De Bruyne, Sterling, Jesus and Sane Chief Executive
a growing suite of commercial partners.
have all joined the team while very much-loved
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OUR TEAMS

O U R

T E A M S
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OUR TEAMS

OVERVIEW

Manchester City’s men’s team The foundations

ultimately failed to add a major
piece of silverware to the
for long-term
Club’s trophy cabinet – but the success have
introduction of a new playing style been laid
and younger players means the
foundations for long-term success
have been laid, as borne out by
performances in the latter part of
the season.

City finished third in the Premier League, City and England captain Steph Houghton
securing qualification for the Champions collected her MBE, awarded in the New Year’s
League for the seventh consecutive season, Honours list, further underlining the growing
and reached the FA Cup semi-final, where they importance of the women’s game in this country,
were unlucky to lose to Arsenal in extra time. and the team signed two-time World Player of
the Year Carli Lloyd on a temporary deal. Lucy
In the Champions League, wins over Barcelona Bronze was also named PFA Player of the Year,
and Monaco underlined the benefits of Pep and 11 players were selected to play at the 2017
Guardiola’s attacking philosophy, with City European Championships.
producing two superb displays, including eight
goals before succumbing to Monaco on away The Elite Development Squad (EDS), made up
goals and exiting the competition at the primarily of scholars, finished second in the U23s

28
last-16 phase. Premier League 2 and were knocked out of the

The women’s team enjoyed unprecedented

UEFA Youth League by eventual winners
Salzburg in a playoff to the reach the quarter-
PLAYERS
representing their country
success. They won their first league title in final stage.
in U15-U18 age groups,
September and finished the campaign unbeaten.
including
They then collected their second Continental The U18s went unbeaten for the first 25 games

18
Tyres Cup a week later, beating Birmingham 1-0 of the season, and won the North Division with
in the final, before completing a domestic treble 55 points from 22 games. For the third
by winning the Club’s first ever Women’s FA Cup successive season they reached the FA Youth
with victory over Birmingham in the final at Cup final, where they were beaten by Chelsea. ENGLAND
Wembley in front of 35,271 fans.
PLAYERS

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OUR TEAMS

MEN Ilkay Gundogan

celebrates scoring
against Barcelona

New signing Gabriel

Jesus nets a goal
By Pep Guardiola’s own admission, against Swansea at
the 2016-17 season proved the Etihad Stadium
somewhat disappointing. City
failed to land a major trophy and
the team exited the Champions
League at the last-16 stage.

However, there was clear progression in the In the Champions League, City once again made
quality of the team’s football, with Guardiola it out of a difficult group before succumbing to
introducing a new, more expansive style in line Monaco on goal difference in the last 16.
with the vision for the Club. Impressive wins in
the Champions League against Barcelona (3-1) City now have the nucleus of a quality young
and Monaco (5-3) saw City produce arguably squad equipped to deliver long-term success.
their best-ever football – a clear indication of the Kevin De Bruyne registered a remarkable 18
approach being developed under Guardiola’s assists in the league, Sergio Agüero became
leadership. only the fifth player to score 20 or more goals in
three consecutive Premier League seasons and
City finished third in the Premier League table Vincent Kompany, the team’s influential leader,
and registered 12 away wins, equalling the Club returned from injury to play a major role in the
record set in 2001-02 when Kevin Keegan’s side final weeks of the campaign. Agüero ended the
won promotion back to the top flight. They also season in sight of ousting Eric Brook as City’s
reached the semi-final of the FA Cup, beaten by all-time leading goalscorer.
Arsenal at Wembley after dominating the match
for long periods. City have now finished inside
the top four in the Premier League for the last
seven seasons, the only Premier League club to
do so.

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OUR TEAMS

MEN

2016-17 RECORD PREMIER LEAGUE STATS FIVE YEARS OF CONSISTENCY

PERFORMANCE OF MEN’S FIRST TEAM THIS SEASON KEY ACHIEVEMENTS IN THE 2016-17 SEASON MANCHESTER CITY WAS THE HIGHEST-RANKING PREMIER
LEAGUE CLUB ACROSS A HOST OF PERFORMANCE METRICS
BETWEEN 2012-13 AND 2016-17

3
PLACE
RD 80 GOALS
SCORED
Nine more than last season
NO. 1
The highest-ranked English
club by UEFA (based on last
Premier League position five seasons)

43 3
ROUND OF

16
GOALS
SCORED TROPHIES
In five years
Away from home, more than any
Champions League other team
(vs Monaco)

SEMI-FINALISTS
65%
Average possession per game,
more than any other team
402 GOALS
SCORED
More than any other Premier League
FA Cup (vs Arsenal) team and 37 goals more than Liverpool
(in 2nd place)

ROUND OF

16 116KM
Average distance covered per
match by all players, more than 109 MINUTES
PER GOAL
Capital One Cup any other team
(vs Manchester United) For Agüero, the most efficient striker in the
Premier League (minimum 50 goals)
Source: Manchester City Source: Manchester City Source: UEFA, Opta

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OUR TEAMS

WOMEN Izzy Christiansen

celebrates winning
the FA Cup

Steph Houghton
and the team lift the
The 2016-17 season was an FA Women’s Super
unforgettable one for Manchester League trophy
City, who not only captured all
three domestic trophies, but also
achieved historic success on the
European stage, competing in their
first UWCL competition.

In September 2016 City became FA WSL City faced French league champions and UWCL
champions for the first time in their history after title holders Olympique Lyonnais in the semi-
an undefeated campaign which earned them the final, enduring their first loss of the season in
accolade ‘The Invincibles’. The team celebrated the home leg, but netting one away goal in the
their second trophy of the season a month later, second leg for an away win, although it was
beating Birmingham 1-0 in an extra time thriller not sufficient to keep them in the competition.
to win the Continental Cup.
Back on domestic soil, City made it to the final
Carli Lloyd, two-time FIFA Women’s Player of of the SSE Women’s FA Cup for the first time,
the Year, Olympic gold medallist and World Cup beating Birmingham City 4-1 in front of a record
winner, signed for Manchester City on a audience, and capping off the domestic treble.
short-term contract for the FA WSL Spring
Series, a shortened season as the WSL The season was wrapped up with a second-
changed from summer to winter. place finish in the FA WSL Spring Series, in
which they were beaten only on goal difference.
Lloyd was a participant in City’s UWCL
campaign, scoring her first goal as a City 11 Manchester City players were selected for
player against Denmark’s Fortuna Hjorring, as the European Women’s Championships in July
the team earned qualification for the semi-final. 2017, of which eight were English, two Scottish
and one Swedish, although Jen Beattie was
ruled out through injury.

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OUR TEAMS

WOMEN

2016-17 RECORD A RECORD YEAR

DOMESTIC TREBLE FOR THE WOMEN’S FIRST TEAM SQUAD RECORD AUDIENCES FOR THE WOMEN’S TEAM
IN AN AWARD-WINNING YEAR

WINNERS
Women’s Super League,
unbeaten all season
4,096
New WSL record attendance,
versus Chelsea Ladies

WINNERS
Continental Tyres Cup
50 %
GROWTH
In home attendance with an average
of 2,249, the highest in the league
for the third year running

WINNERS
FA Women’s Cup
WINNERS
FA WSL 1 Club of the Year, along
with two other awards at the FA
Women’s Football Awards 2016

SEMI-FINALIST
UEFA Champions League, narrowly
WINNER
Professional Footballers’
missing the final in their first time playing Association Women’s Player
in the competition of the Year (Lucy Bronze)

Source: Manchester City Source: Manchester City

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OUR TEAMS

SPOTLIGHT: MANCHESTER CITY’S

STELLAR SEASON
Manchester City had a stellar As a result of their unbeaten WSL season,
City became the first women’s football club to
2016-17 season, completing the appear on the front page of a British national
domestic treble of the FA Women’s newspaper, the Guardian, and Steph Houghton
Super League trophy (2016), the later graced the cover of FourFourTwo
FA WSL Continental Tyres Cup magazine, alongside her male colleagues,
and Metro’s MatchZone magazine.
(2016) and the FA Women’s Cup
(2017), a remarkable achievement City’s fanbase has continued to grow apace,
for a team in its third season. In including a league-record number of seasoncard
addition, the squad reached the holders. Attendance at City home games
semi-final in their inaugural UEFA increased by 50% from the previous season
and is the highest in the WSL for the third
Women’s Champions League consecutive year, reaching a peak at 4,096
(UWCL) season. against Chelsea Ladies in their final match of
the season and breaking the previous league
attendance record.
These trophies led to a further wave of
The club was the first in the UK to broadcast a
prestigious awards given for both team and
competitive fixture on Facebook Live when City
individual performances, including:
took on Doncaster Belles, which reached more
than 3.5 million people. In the UWCL, three
• Nick Cushing won FA WSL and North West
home fixtures were also streamed live, reaching
Football Awards (NWFA) Manager of the Year
a cumulative audience of 12.1 million people.
• Isobel Christiansen won Women’s Player of
the Year at the NWFA
The shortened FA WSL Spring Series saw
• The Club won WSL 1 Club of the Year at the
the signing of two-time Olympic gold medallist,
FA Women’s Football Awards
Women’s World Cup winner and twice winner
• The team was nominated for Team of the
of FIFA World Footballer of the Year, Carli Lloyd.
Year at the BBC Sports Personality Awards
When she took to the field at the FA Cup Final
• Five players were named in the PFA WSL
at Wembley Stadium, more than 35,000 people
Team of the Year
saw her play in person, and 1.2 million more
• Lucy Bronze won PFA Player of the Year and
on national television (BBC Two).
WSL Player of the Year

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OUR TEAMS

ELITE DEVELOPMENT
SQUAD The young U23 team
scored more goals
than any other in the
competition
The Elite Development Squad
(EDS), made up primarily of U19
players, finished second in the
U23 Premier League 2 and were
knocked out of the UEFA Youth
League by eventual winners
Salzburg in a playoff to reach
the quarter-final stage.

The young U23 team scored more goals than EDS members Thomas Agyepong, James
any other in PL2, and two of its members, Horsfield, Manu Garcia, Ash Smith-Brown and
Brahim Diaz and Phil Foden, enjoyed their Pablo Maffeo were loaned to NAC Breda and
first team debuts in the Capital One Cup Girona for the 2016-17 season, at the end of
and Champions League respectively. which both teams had achieved promotions to
Eredivisie and La Liga respectively.
Four EDS players made European finals with
England. Lukas Nmecha and Isaac Buckley-
Ricketts were part of the tournament-winning
U19 team, and Phil Foden and Joel
Latibeaudiere made it to the final with the U17s.

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OUR TEAMS

ACADEMY
The U18 team, the
youngest in the
competition, lift the
U18 Northern Premier
City Football Academy (CFA) League trophy
Manchester was created with youth
development at the forefront of its
design. In its third year of operation,
it is now home to 160 boys and 120
women and girls, and its boys youth
teams brought home nine trophies
across all age groups.

The U18 boys, with the youngest team in the Boys and girls players at all age groups have
competition, went unbeaten for the first 21 enjoyed international success. There are
games of the season and won the North Division currently 25 players in the boys academy who
with 55 points from 22 games. For the third represent their country at U15-U18 levels,
successive season they reached the FA Youth including 20 England internationals. Five players
Cup Final, where they were beaten by Chelsea. in the girls RTC are youth internationals,
following in the footsteps of the women’s team,
Their on-field success was given the royal seal of which boasts a total of 13 senior international
approval when five of the boys were invited to players, seven of them from the England team.
meet HRH the Duke and Duchess of Cambridge,
together with the City captain Steph Houghton
and midfielder Jill Scott, at the National Football
Museum as part of a series of royal visits in
Manchester.

For the second consecutive period the boys

academy was awarded Category One Status
by the Premier League, the highest available
ranking in the Premier League’s Elite Player
Performance Plan (EPPP) youth development
scheme. The FA awarded the girls Tier 1 status,
the highest level, and the CFA opened its doors
as an official FA Regional Talent Centre (RTC) in
July 2016.

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OUR TEAMS

ACADEMY

ACADEMY SUCCESS GEOGRAPHICAL SPLIT OF SCHOOL REPORT

ACADEMY PLAYERS
WINNING PERFORMANCES FROM THE YOUTH TEAMS EDUCATIONAL ACHIEVEMENTS OF THE ACADEMY PLAYERS

59% OF PLAYERS IN THE ACADEMY ARE LOCAL

U9 4%
71
Winners – Premier League Powerplay
Winners – Neuenheim Cup, Germany
Winners – Rosta Cup, Italy INTERNATIONAL
Winners – Mini Euro, France
27% Players at St Bede’s College
37% MANCHESTER

26
OTHER
32%
U10
Winners – IberCup, USA
U14
Winners – Premier League
GREATER
MANCHESTER
100% Number of U18s registered
at the local sixth form college

International Tournament Pass rate on BTEC Level 3 courses

in 2016-17 for all the players who

160
were studying at the Club

U15 U18 Academy players in

total across all years
in 2016-17
73%
GCSE pass rate for players at

30
Winners – Premier League Floodlit Northern Champions –
Cup, Northern Division Premier League St Bede’s College, 7 points
Winners – Premier League above the national average
International Tournament

Players working towards

completing their Duke of
Edinburgh Bronze Award

Source: Manchester City Source: Manchester City Source: Manchester City

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CITYZENS

C I T Y Z E N S

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CITYZENS

Average of
OVERVIEW 54,000
supporters at Premier
League home games

Fans from

The Etihad was one of 80

different countries attended
England’s busiest stadium
venues in 2016-17, with 19 league a match at the Etihad
Stadium during 2016-17
games, six cup games and eight
concerts, all scheduled around
a redevelopment of the
Stadium’s West Stand.

In the Premier League, an average of 54,000 through an Oculus headset, Snapchat Specs
supporters attended each home game, and the which allow followers to share the vision of the
Club created new customised experiences for wearer, and a Facebook Messenger chat bot,
junior fans with the introduction of Family Days, a world first for a football club, providing live
an exclusive two-hour pre-game experience at updates direct to the user’s Facebook inbox.
the CFA.
Responding to the global growth in eSports, City
The women’s team’s incredible season was became only the second Premier League club to
watched by a league-record number of fans at sign a player, when Kez Brown joined the Club in
the Academy Stadium, with an increase in July 2016. In April 2017 Chris Holly joined New
attendance of 50% from the previous year. York City FC as City Football Group’s second
eSports signing, and an MLS first.
City continued to focus on digital innovation, and
were named the fourth most tech-savvy sports
team in the world by Sports Techie. The Club
harnessed new technology to give fans
unmatched access, including the City Virtual
Reality app, offering a real-life match experience

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CITYZENS

MATCHDAY
Junior fans enjoy
‘Family Day’, a new
experience before
Premier League
The Etihad Stadium, now City’s City worked with fan groups on a series of home games
initiatives to enhance the in-game experience,
home for 15 seasons, underwent including the creation of a new fan-designed and
a part-refurbishment with the fan-voted crowd banner and the relocation of
redevelopment of the stadium’s fans into singing sections.
West Stand that began in early
For two hours before every Premier League
August. The project was designed game, 1,000 junior fans were given exclusive
to bring player facilities up to date access to the City Football Academy (CFA) for a
with new dressing rooms and two-hour fun-filled family experience culminating
referee spaces. Work also began in a ‘march to the match’ across the connecting
on new hospitality concept ‘Tunnel bridge between the CFA and Etihad Stadium.

Club’, which is centred around a The Etihad Stadium was awarded first place for
glass players’ tunnel that allows hospitality in the annual VisitFootball survey, for
fans to see in – the first of its kind the fourth consecutive year, and the Etihad was
in the Premier League. in second place in the survey overall across all
categories. Manchester City also won Best
Football Club Hospitality at the Football
Business Awards 2016, Best Corporate
The regular stadium improvements saw the Club Hospitality Venue at the Eat Sleep and Drink
top-rated by fans in the annual Premier League Awards 2017, Best Matchday Hospitality (Silver)
match attender survey. City supporters scored at the Stadium Experience Awards and Best
the Club’s matchday experience in the top three Sports Club Event Hospitality (Bronze) at the
in six of 20 statements, including facilities for Sports Business Awards.
children, Wi-Fi connectivity and cleanliness.
In addition to Manchester City’s home games,
Attendance at Premier League home games the stadium hosted a total of ten nights of
averaged 54,000, a club record for the second concerts from the Stone Roses, Coldplay, Bruce
consecutive year, following the expansion of the Springsteen and AC/DC, along with an England
Etihad Stadium in 2015-16. In the Women’s vs Turkey friendly, making it one of the busiest
Super League, City saw a 50% increase in stadium venues in the country during the
attendance, reaching a peak at 4,096 against 13-month period from June 2016-June 2017.
Chelsea Ladies, a number which broke the
previous league record and put City at the
top of the attendance table for the third
consecutive season.

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CITYZENS

MATCHDAY

CITY’S COMMITMENT TO ETIHAD VISITOR STATS

AFFORDABLE PRICING FOR 2016-17
FOURTH CHEAPEST ADULT SEASON TICKET IN THE CONTINUED RECORD ATTENDANCES AT THE ETIHAD STADIUM
PREMIER LEAGUE IN 2016-17 FOLLOWING THE STADIUM EXPANSION

CHEAPEST PREMIER LEAGUE SEASON TICKET IN 2016-17

54,019
Average Premier League home
attendance, with an occupancy
rate of 99%
CHEAPEST CLUB £252

MANCHESTER CITY

MOST EXPENSIVE CLUB

£299
£1,014 21 YEARS
Average time a Manchester City
fan has been attending the Club’s
football matches

MOST EXPENSIVE PREMIER LEAGUE SEASON TICKET

IN 2016-17 110,000+
Unique home supporters attending
CHEAPEST CLUB £489 a match at the Etihad stadium

£900
80
MANCHESTER CITY
COUNTRIES
From which fans came to
MOST EXPENSIVE CLUB £2,013 games at the Etihad Stadium

Source: BBC Sport (Price of Football Survey 2016) Source: Manchester City, Premier League Match Attender Survey 2016-17

17 Visit annualreport2017.mancity.com  MANCHESTER CITY ANNUAL REPORT 2016-17

CITYZENS

MATCHDAY

A TOP-CLASS A WELCOMING ATMOSPHERE FAN SENTIMENT

MATCHDAY EXPERIENCE MANCHESTER CITY OFFERS A WELCOMING ENVIRONMENT
FOR ALL FANS AT THE ETIHAD STADIUM
MATCH ATTENDERS’ POSITIVITY TOWARDS MANCHESTER CITY

TOP 3 MY CLUB MAKES AN EFFORT TO MAKE THE

GROUND A CHILD-FRIENDLY ENVIRONMENT
PROPORTION OF FANS WHO SAID THEY FEEL POSITIVE
TOWARDS THEIR CLUB

FOR 6/20
MATCHDAY EXPERIENCE STATEMENTS
100%

80% 89%
74%
100%

80% 94%
81%
60% 60%

40% 40%
#1 CLEANLINESS #1 WI-FI CONNECTIVITY
20%
MANCHESTER CITY
AVERAGE FOR FANS 20%
MANCHESTER CITY
AVERAGE FOR FANS
OF ALL PREMIER OF ALL PREMIER
0 LEAGUE CLUBS 0 LEAGUE CLUBS

95%
I GO TO A FAN ENTERTAINMENT AREA/FAN ZONE
MOBILE PHONE BEFORE ENTERING THE STADIUM
#2 SIGNAL #2 TOILET FACILITIES

50%

40% Match attenders agree that

38% Manchester City play beautiful
30% football and are entertaing to watch
SIGHT LINES IN FACILITIES FOR CHILDREN
#3 THE STADIUM #3 (ACCORDING TO FANS 20%
ATTENDING WITH CHILDREN) MANCHESTER CITY

82%
10%
11% AVERAGE FOR FANS

95%
OF ALL PREMIER
0 LEAGUE CLUBS

Match attenders agree that Manchester City

performs well in its investment in facilities
Source: Premier League Match Attender Survey 2016-17
91% Female match attenders agree that Manchester
City provides a safe and welcoming matchday
environment for female fans

Source: Premier League Match Attender Survey 2016-17

Match attenders agree that
Manchester City is a club that
cares about its fans
Source: Premier League Match Attender Survey 2016-17

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CITYZENS

DIGITAL
The Club held two
Man City Hackathons
at the City Football
Academy
2016-17 was another season New virtual reality technology transported fans
to a virtual VIP suite through the ‘CityVR’ Oculus
of significant digital innovation, app, allowing fans to watch City games from the
starting with the announcement previous season, switching to different corners
of the new manager in July of the pitch throughout the match and showing
2016. During his first weekend player information and match statistics.
in Manchester, Pep was initiated The Club went live on Facebook 145 times in
into the city as he travelled around 2016-17, offering fans around the world live
the city centre in a black cab Manchester City women’s home games,
picking up unsuspecting fans – Guardiola’s first Q&A at the Cityzens Weekend
the resulting ‘Pep’s Taxi’ video and a fan receiving a tattoo of the new City
badge.
clocked up more than 21 million
views on Facebook and YouTube More than 400 people applied to take part in
and a total reach of 50 million. the first ever Man City Hackathon, of which
60 finalists were invited to the City Football
Academy to take part in a two-day hack with
the objective to ‘develop new ideas to improve
The new mobile-first website launched at the player movement, passing, running and overall
same time as the new badge was revealed, performance’. The second hack, in February
and fans met the new manager for the first 2017, was focused on discovering ‘how digital
time. The site, co-created over the previous technology can help grow and further reinforce
12 months with ongoing fan consultation a sense of community and belonging’.
including a beta phase, saw a 33% uplift in
mobile usage, and a 25% increase in video In China, City remained the second most
views over the reporting period. followed football club on Chinese social media,
and was ranked the fifth most influential
City were the first Premier League club to make European Club in China, according to Mailman’s
use of Snapchat Specs, giving the platform’s Red Card 2017 China Digital Football Index.
users behind-the-scenes access when they
were worn by men’s team players and by the In July 2016 Manchester City entered the “Innovating the beautiful game:
Club’s Snapchat Host on matchdays. Yaya Touré
was the first player to wear the glasses in the
fast-developing world of eSports with the signing
of Kez Brown, followed in April 2017 by New how Man City is taking football
build-up to December 2016’s home game
against Chelsea.
York City FC’s Chris Holly and Melbourne City’s
Marcus Gomes in August 2017.
from the terraces to the web”
WIRED MAGAZINE, JAN 2017

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CITYZENS

DIGITAL

DIGITAL AND SOCIAL MEDIA ONLINE VIDEO VIEWS

KEY AREAS OF GROWTH FOR MANCHESTER CITY IN 2016-17 MANCHESTER CITY VIDEO CONTENT ACROSS DIGITAL

5M
PLATFORMS AND FACEBOOK IN 2016-17

Instagram followers
60%
Year-on-year

441M
8.1M
Video views across all platforms, including
Facebook, YouTube, Twitter, the Club website

119%
and apps, and syndication

Year-on-year

33%

5.5M
Twitter followers

79%
Year-on-year

25%
Video views on mancity.com

Mobile devices as proportion of total Year-on-year

323M
sessions across Manchester City web
and app properties

9 18%

25M
percentage Year-on-year
points
Year-on-year

195%
Video views on Facebook

Year-on-year
Facebook followers
Source: Social Bakers, Google Analytics Source: YouTube analytics, Facebook analytics, Brightcove analytics, Twitter analytics

20 Visit annualreport2017.mancity.com  MANCHESTER CITY ANNUAL REPORT 2016-17

CITYZENS

COMMUNITY
The new 5k Blue Run
raised £40,000 for
CITC
City in the Community (CITC) the full City Football Academy site and raising
£40,000 for the charity. CITC also delivered 700
celebrated its 30th year in the hours of community activity at the CFA during the
2016-17 season, recognising the year, including pan-disability football, girls’ football
contribution of the thousands of and holiday-time soccer schools.
people who have helped to make
For the third consecutive year, the CFA played
the charity what it is today.
host to the Young Leaders Summit, where young
The support of City fans has been a vital part people from Cityzens Giving projects around the
of the charity’s development, and 94% of City world receive training to deliver innovative
fans believe that the Club makes a significant community football programmes tackling pressing
contribution to the local community, social issues. The Young Leaders all work on
21 percentage points more than the Premier projects within the ‘Cityzens Giving’ campaign,
League average. City Football Group’s global community initiative.

The charity’s revenue grew to £2.3 million, a CITC staff also travelled to Cityzens Giving
record amount that enabled the delivery of 1,650 projects around the world to provide Young
hours of free football during school holidays and at Leaders training on the ground, visiting nine
peak times of anti-social behaviour, almost 16,000 major cities including Melbourne, New York and
community sessions and 242 local people to gain Cape Coast. Coaches visiting the Cityzens
qualifications. CITC now employs 62 full-time and Giving project in Mumbai were joined by City
22-part time staff, plus 80 volunteers, and five new midfielder Jill Scott, who spent two days
apprentices for the 2016-17 season. delivering leadership workshops and community
football coaching clinics.
These five apprentices joined CITC as part of the
‘Coach Core’ initiative, a joint programme City Football Schools (CFS) continues to expand
created by the Duke and Duchess of Cambridge its international presence, with more than 2,700

MMUNITY
and Prince Harry’s Royal Foundation, which will players taking part in programmes in Abu Dhabi,
offer a total of 20 apprenticeships within Greater and Club partner activities in Jamaica and China.
Manchester over the next 12 months. Over 1,300 children also travelled to CFA
Manchester from 50 different countries for CFS
CITC began a new programme for 2-to-5-year-old football education initiatives.
children, teaching physical literacy and basic
movement in 120 Manchester nurseries. Its Primary In China, CFS coaches have delivered football
Stars programme grew, and is now in 64 primary sessions with the Ministry of Education to more
schools for 38 days a year, helping to deliver health than 350,000 pupils in eight different provinces,
and education outcomes through football. and in the US, City returned to San Diego for the
Manchester City Cup presented by Nexen Tire.
In March 2017 CITC held the first ever ‘Blue Run’, The annual tournament welcomed 422 boys and
a 5-kilometre run with a colourful twist, taking in girls teams, a 34% increase from the previous year.

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CITYZENS

COMMUNITY

CITC ENGAGEMENT STATS CITC HIGHLIGHTS

RECORD NUMBERS FOR CITY IN THE COMMUNITY IN 2016-17 KEY OUTCOMES IN 2016-17

330,000+ 1,650
Face-to-face contacts recorded
across all activities, 52% up
year-on-year
HOURS
Free football and other sports
opportunities during school

40,000+
holidays and peak times of
anti-social behaviour ALMOST

Number of people CITC worked with

in Manchester
2,000
HOURS
£2.3 ALMOST

16,000
Work experience and voluntary
work placements
MILLION
Record amount raised, including
private funding, sponsorship and Community sessions delivered
donations from staff and supporters

97%
Participants surveyed who
242
Local people helped by CITC
enjoyed taking part in the
CITC programme to gain qualifications
Source: Manchester City Source: Manchester City

22 Visit annualreport2017.mancity.com  MANCHESTER CITY ANNUAL REPORT 2016-17

CITYZENS

COMMUNITY

FAN APPRECIATION OF CITYZENS MEMBERSHIP CITY FOOTBALL SCHOOLS

COMMUNITY INITIATIVES PROGRAMME EXPANDING THEIR PRESENCE ALL OVER THE WORLD

4,000+
MANCHESTER CITY FANS HAVE A HIGH AWARENESS AND GIVING MANCHESTER CITY FANS A VOICE IN THE CLUB’S DECISIONS
APPRECIATION OF THE CLUB’S COMMUNITY WORK

OVER

60,000
MY CLUB ALREADY MAKES A SIGNIFICANT
CONTRIBUTION TO THE LOCAL COMMUNITY Young people who participated in City Football
Schools in four countries in 2016-17

6,300
100%

80% 94%
60% 73% MEMBERS

27,000
40% Joined by May 2017
Players in Manchester City Cup presented by Nexen Tire, in San Diego in
MANCHESTER CITY
20% May 2017, drawn from 422 participating boys and girls teams (up 34% on
AVERAGE FOR FANS
OF ALL PREMIER 2016). The games attracted more than 40,000 visitors
0 LEAGUE CLUBS

350,000+
Number of participants working across
I AM AWARE OF COMMUNITY INITIATIVES 125 City Voice projects
RUN BY MY CLUB
ALMOST

400,000
100% Pupils aged 6-19 who have taken part in the Ministry of Education
schools coaching sessions in eight provinces in China delivered by
80% 89% City Football Schools since the programme launched in November 2015

50+
60% 67%
40% Votes cast by fans in this season’s campaign deciding
MANCHESTER CITY how the Cityzens Giving fund was allocated
20% AVERAGE FOR FANS

COUNTRIES
OF ALL PREMIER

£1.5MILLION
0 LEAGUE CLUBS

75%
From which more than 1,300 young players aged 9-17 came to
My club makes a greater contribution Manchester to train at the City Football Academy as part of the
in its community than five years ago Total funding commitment to Cityzens Giving City Football Language School, City Football Performance
projects over last three seasons Program and City Football Training Experience

Source: Manchester City Source: Manchester City Source: Manchester City

23 Visit annualreport2017.mancity.com  MANCHESTER CITY ANNUAL REPORT 2016-17

CITYZENS

SPOTLIGHT:
CITY IN THE COMMUNITY
TURNS 30
The 2016-17 season marked CITC also teamed up with Make a Wish
Foundation for their own 30-year celebrations,
City in the Community’s (CITC) granting a number of wishes throughout the
30th year. year, including that of an 11-year-old amputee
footballer who had a kickabout with the men’s
team, before leading the team out as mascot
for the game against Crystal Palace.
The foundation of CITC in 1986 formalised a
century of commitment to social responsibility.
Etihad Airways supported the 30-year
30 years on, with the support of passionate fans,
celebrations with the launch of a new six-week
CITC uses the power of football to promote
literacy project in April 2017. City Stars is
health, confidence, safe spaces and pathways
designed to build children’s confidence in
into training and jobs, working with 30,000
reading, writing and spoken language, using
individuals in Greater Manchester each year.
examples from the world of football. This is
particularly important in Manchester where,
To mark the 30-year milestone, City in the
according to the National Literacy Trust, children
Community welcomed UK Sports Minister
and young people spend less time reading a
Tracey Crouch to a showcase of key projects
book than the national average. A successful
at the City Football Academy.
pilot earlier in the season showed 73% of
children felt City Stars made them more
The visit focused on two flagship programmes,
confident in their literacy skills, and 69% said the
‘One City’ and ‘Kicks’, both of which have
project increased the likelihood of them reading
played a pivotal role in helping to bring greater
outside of school.
access to sport for young and disabled people
in the local community.
City also created a brand new fundraising event
for the anniversary year. In March 2017, the first
As part of the celebrations, BBC One
ever ‘Blue Run’ took place at the City Football
documentary ‘Sister Rita to the Rescue’ featured
Academy, with 1,200 City fans turning
a CITC nutrition programme in Manchester. The
themselves blue for the 5-kilometre dash,
five-part series followed a drop-in centre in an
raising £40,000 for City in the Community.
underserved area of the city, and showed how
CITC’s programme is helping the community
enhance their cooking skills, prepare healthy
meals on a budget, and make the most out of
ingredients from the food bank.

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CITYZENS

MEMBERSHIP AND
SUPPORTER CLUBS Pep Guardiola and
Karen Bardsley
surprised members of
the Manchester City
Supporters Club
At the end of the 2016-17 season,
City’s entire men’s team decided
to surprise an army of local fans
in their homes, workplaces and
schools across the city to show
the Club’s supporters that we are
#nothingwithoutyou.

Vincent Kompany had tea with the Club’s oldest Thousands of Supporters Club members in
Seasoncard holder, 101-year-old Vera Cohen, Indonesia, Brazil, Vietnam and China attended
and David Silva, Kevin De Bruyne, Nolito and new Club-coordinated matchday viewing parties.
Angus Gunn delivered a P.E. lesson to kids at In Rio De Janeiro, former City player Elano
Divine Mercy Primary School, located on the site attended the event, which was live-streamed
of City’s previous stadium, Maine Road. on ESPN Brazil.

40 Supporters Clubs were awarded special Almost 400,000 City fans took part in the
commemorative plaques, presented by former Cityzens Giving campaign, voting to decide
players including Tony Book, Mike Summerbee how funds were split between six international
and Paul Dickov, based on the length of time community programmes. To date, the campaign
they have been operating. Clubs from Denton, has provided £1.5 million funding to support
Manchester to Denver, Colorado received the delivery and training of football-based community
plaques, with the oldest being Brooks Bar, projects in 12 cities on six continents.
founded in 1949.

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CITYZENS

SPOTLIGHT:
CITYZENS WEEKEND
In July 2016, the Club opened the
doors of the City Football Academy
to thousands of fans for the
inaugural Cityzens Weekend, a free
two-day event bringing together
supporters from Manchester and
around the world to celebrate the
launch of the new Club badge,
introduce new manager, Pep
Guardiola, and reveal the new kit
for the upcoming season.

Cityzens Weekend coincided with the launch This new badge marked a return to its historical
of the new website, mancity.com, on which fans round shape and features a series of iconic
were able to stream a live broadcast of the Manchester symbols – the ship, the three rivers
Cityzens Weekend events, including Pep’s and the red rose of Lancashire. For the first time
official introduction to the fans. the Club has included the year of its foundation,
1894, as a nod to its rich history within the
The new badge was first revealed on the Manchester community. Its final design followed
Thursday evening before Cityzens Weekend a consultation in which supporters were given
when it was projected on to Manchester Town an opportunity to have their say on whether and
Hall. The Etihad Campus underwent an how they would like the badge to evolve.
incredible transformation for the event, as the
new badge was installed across the site. More Cityzens Weekend was later recognised at both
than 100 people contributed to the process as the Sports Business and Stadium Business
the Etihad Stadium, Market Street City Store, Awards – for best non-matchday use of venue,
City Football Academy and the community and sales and marketing respectively.
bridge were updated with the new designs.
The new badge was also installed in City’s
global offices, in the UK and around the world.

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OUR BUSINESS

OUR BUSINESS

27 Visit annualreport2017.mancity.com  MANCHESTER CITY ANNUAL REPORT 2016-17

OUR BUSINESS

OVERVIEW

Manchester City achieved

record revenues in 2016-17 of
£473 million, and reported a
third consecutive annual profit
of £1.1 million over an adjusted
13-month period.

The Club continues to operate with zero financial 2016-17 Revenue

£473m
debt, with net assets of £678 million and the
wage/revenue ratio sits at a healthy 56%.

City rose one place to take fifth position in the Change since 2015-16

+21%
Deloitte Football Money League 2017 and,
according to Brand Finance, the Club’s brand
value passed the US$1 billion mark.

According to the Premier League’s annual Match

Attender survey, Manchester City fans remain
positive about the Club; 98% of fans believe the
Club is heading the right direction, 97% agree
that it performs well in terms of its long-term
vision and 85% believe the Club is maintaining
its ethos and traditions.

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OUR BUSINESS

PERFORMANCE

Manchester City’s revenue figure

was a Club record-breaking
£473.4 million for the 2016-17
season, marking an increase of
21% from the previous season.

The two major contributory factors to this growth The 2017 year-end changed from 31 May to
were a 23% increase in commercial revenue 30 June, meaning that this reporting period
(to £218.0 million) and a 26% increase in covers 13 months. This change was introduced
broadcasting revenue (to £203.5 million). to better align the Manchester City financial year
Matchday revenue (at £51.9 million) remained with the growing number of entities in the Group.
broadly consistent with the previous year. It has had an adverse impact on the profitability
of the business, as there is generally little revenue
The 26% increase in broadcast revenue was in June while costs continue to accrue. Despite
primarily driven by the new deal for televised this, the Club has continued to post a profit of
Premier League games which began this season, £1.1 million on ordinary activities after taxation.
and qualification for the FA Cup semi-final.
The Club rose one place in the Deloitte Football
The wage/revenue ratio sits at a healthy 56%, Money League 2017, overtaking Paris Saint-
only a five percentage point difference from the Germain to become the fifth biggest European
previous year. club by revenue, and remaining the second
biggest club in the Premier League by revenue.

According to Brand Finance, City’s brand value

passed the US$1 billion mark, a rise of 13%,
making it the sixth most valuable football brand
globally in 2017.

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OUR BUSINESS
BRAND VALUE
MANCHESTER CITY’S BRAND VALUE PASSES THE $1BN MARK,

PERFORMANCE MAKING IT THE SIXTH MOST VALUABLE FOOTBALL BRAND

GLOBALLY IN 2017
TOP 6 MOST VALUABLE FOOTBALL BRANDS GLOBALLY

Rank Club Brand Value ($bn)

1 Manchester United FC 1.7
2 Real Madrid CF 1.4
3 FC Barcelona 1.4
4 Chelsea FC 1.2
5 FC Bayern München 1.2
6 Manchester City 1.0
Source: Brand Finance Football 50, June 2017

FAN PERCEPTIONS MANCHESTER CITY CLUB PROFITABILITY

OF THE CLUB REVENUE GROWTH A THIRD CONSECUTIVE YEAR OF PROFITS IN 2016-17
(BASED ON 13 MONTHS AS THE FINANCIAL YEAR-END CHANGES
SUPPORT FROM MANCHESTER CITY FANS FOR THE CLUB’S 21% INCREASE IN REVENUES IN 2016-17 FROM MAY TO JUNE)
PERFORMANCE OVERALL

£473.4
PROPORTION OF MATCH ATTENDERS SURVEYED WHO MILLION MANCHESTER CITY NET PROFIT/(LOSS)
AGREE WITH THE FOLLOWING STATEMENT

98% Heading in the right direction

£500m

£450m

£400m

£346.5M £351.8M
£391.8M
177.9
£473.4M
218.0
£30m

£20m

£10m
£11M
£20M

£1M

97%
£350m
165.8 173.0
£0
£300m
£271.0M
143.0 –£10m
£250m 203.5

–£20m
£200m 161.4
Has a long-term vision –£23M
133.2 135.5
–£30m

85%
£150m
88.4
£100m –£40m

£50m –£50m
47.5 52.5 51.9
43.3
39.6 –£52M
0 –£60m
Maintains the ethos and 2012-13 2013-14 2014-15 2015-16 2016-17 2012-13 2013-14 2014-15 2015-16 2016-17
traditions of the club
COMMERCIAL BROADCAST MATCHDAY
Source: Premier League Match Attender Survey 2016-17

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OUR BUSINESS

GLOBAL VISION

Pep Guardiola
with His Highness
Manchester City’s global presence Sheikh Mansour
continues to grow, with local and Chairman
offices in Manchester, London, Khaldoon
Abu Dhabi, New York, Melbourne, Al Mubarak
Tokyo, Singapore and Shanghai.

In April 2017, City’s parent company, CFG,

purchased Uruguayan team FC Torque. The
investment enabled CFG to build on existing
connectivity in the country and helps to expand
the current options for identifying and developing
local Uruguayan and South American talent.

As part of the annual pre-season tour, the men’s

team travelled to China, visiting Beijing and Aaron Mooy, formerly
Shenzhen for showcase games against of Manchester City and
Manchester United and Dortmund. Whilst in the Melbourne City, signed
Far East, City players had a kickabout on the for Huddersfield Town
Great Wall of China to launch the new 2016-17 in June 2017
away kit, and held a football festival for
thousands of fans. The derby match was
cancelled late on due to inclement weather,
but City finished 1-1 against Dortmund at the
Longgang Stadium in Shenzhen.

CEO Ferran
Soriano addresses
City Football Group
staff following
the acquisition
of FC Torque

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OUR BUSINESS

GLOBAL VISION

Patrick Vieira at
Yankee Stadium

In June 2017 Manchester City player Aaron The success of Manchester City’s women’s team
Mooy was sold to Huddersfield Town for was mirrored in Melbourne, where the W-League
a record-breaking fee, having signed from side won the Champions Plate for the second
sister-club Melbourne City the previous year. consecutive year. Since November 2016, the
During his two years at Melbourne City, Aaron team have trained in a dedicated W-League
was part of the team alongside Australia’s wing of the City Football Academy, based upon Tim Cahill takes
highest scoring player, Tim Cahill, that won the the same research-based philosophy and design the FFA Cup
FFA Cup, the Club’s first ever men’s silverware. as the Manchester facility. trophy to the fans
The victory took place in November 2016, in November 2016
34 months after the team was acquired by Across the Atlantic from Manchester, Patrick
City Football Group. This timeline almost exactly Vieira completed his first season as Head Coach
mirrors Manchester City, who won their first of New York City FC (NYCFC), following two
trophy (FA Cup) 33 months after the acquisition years in charge of Manchester City’s Elite
by Sheikh Mansour. Development Squad. The team will soon train in
a facility familiar to the Head Coach, when City
Football Academy New York is opened in early
2018. Under Vieira’s leadership, NYCFC finished
in fourth place, up 13 places from the previous
season, and in December 2016 star striker
David Villa was awarded MLS MVP.

City Football
Academy
New York

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OUR BUSINESS

GLOBAL VISION

MANCHESTER CITY’S
GLOBAL FOOTPRINT IN 2016-17

OFFICES
ABU DHABI LONDON MANCHESTER MELBOURNE
NEW YORK SHANGHAI SINGAPORE TOKYO

TOURS
BEIJING SHENZHEN

CLUBS
COMMUNITY
MANCHESTER MELBOURNE
NEW YORK TORQUE

PROJECTS
YOKOHAMA

BANDUNG BARRANQUILLA BEIJING

CAPE COAST CAPE TOWN KOLKATA
KUALA LUMPUR MANCHESTER MELBOURNE
MEXICO CITY NEW YORK SÃO PAOLO

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OUR BUSINESS

GLOBAL VISION Players attend a

football festival for
TOUR fans in Beijing

The men’s team travelled to China Agüero reveal the new away kit on the Great
Sergio Agüero on
Wall, plus a game of football tennis between star
to take part in the International players. Through CMC, David Silva and Raheem the Great Wall of
Champions Cup (ICC) as part Sterling were invited to take part in a promo for China during the
of the annual pre-season tour. reality TV singing show ‘Sing China’, watched by pre‑season tour
Although inclement weather in more than 250 million people each episode.
Beijing saw the game against Fans in Beijing and Shenzhen had the
Manchester United called off at the opportunity to get up close to the team at a
last minute, City went on to beat series of events, including the City Football
Borussia Dortmund on penalties Festival Beijing, attended by 3,000 people.
in front of 30,000 fans in Shenzhen,
City is committed to giving back to the
with UK TV viewers following the community wherever it has a footprint. Whilst in
game live on Sky Sports. Beijing, the Club announced a three-year funding
commitment for a Special Olympics project as
part of Cityzens Giving, and 24 Young Leaders
Since City’s last visit to China in 2012, the Club’s were invited to a three-day Cityzens Giving youth
activities in the country have increased leadership training programme, helping to
significantly. Today, City has an established and ensure an ongoing and sustainable positive
rapidly growing fan-base, multiple digital platforms community impact.
(Sina Weibo, Miapopai, WeChat), including a
Chinese-language website (mcfc.cn), and a local The Club’s Chinese partners capitalised on the
office. In October 2015, President Xi, known to be unique engagement opportunities offered with
a football fan, visited the City Football Academy the men’s team on the ground, with Didi
as part of a state visit to the UK. live-streaming a football challenge at the Great
Wall, watched live by 3 million people and
The Club’s activities in the region have drawing in excess of 190 million page views.
accelerated following the US$400 million New partners Valvoline and Whaley featured on
investment by China Media Capital (CMC) the newly revealed shirt at the ICC games, on
Holdings, creating a platform for Club and Group the sleeve and back-of-shirt respectively.
activities across the region.
City Football Schools (CFS) have sent 17
During the two-week tour, more than 50 million coaches to eight different provinces in the last
impressions were made on City’s Chinese 12 months to work with 350,000 young people.
content platforms. Mcfc.cn had its higher ever The coaches work with local coaches and
engagement, as fans checked in to see Sergio schools in select cities to raise standards across
the country in support of President Xi’s long-term
vision for the game.

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OUR BUSINESS

PARTNERS
Manchester City
became the first
Premier League team
In March 2017, Manchester City to take advantage of
the shirt sleeve asset
became the first Premier League with Nexen Tire
team to take advantage of the shirt
sleeve asset, newly released by
the Premier League to its clubs,
when Korean tyre giant Nexen
Tire were announced as Official
Sleeve Partner for the men’s and
EDS teams.

The Club enjoyed significant commercial The women’s team celebrated new women’s
success in the Asia Pacific (APAC) region, and team-specific partnerships, with Manchester
held the first ever APAC-specific partner forum in Metropolitan University and with Pioneer Group.
Shanghai in 2016, attended by six of City’s new The team now have a total of nine partnerships,
Chinese partners. The Club’s second ‘Evening of including seven shared with the men’s team.
Innovation’ was held in Shanghai in March 2017,
offering an exclusive behind-the-scenes view of
City’s on-and-off-field developments.

Etihad Airways and Manchester City created a

new digital video series, produced by Vice
Media, called ‘City2City’, which received over
nine million views. The branded content explored
how grassroots football inspires, motivates and
shapes young lives, while examining fascinating
aspects of each city, focusing on Beijing, New
York, Paris and Mumbai.

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OUR BUSINESS

PARTNERS
SAP SAP designed and
created the Premier
League’s first
New for the 2016-17 season, fanfriendly interactive
digital wall, the
SAP designed and created #CityPulse Wall
the Premier League’s first fan-
friendly interactive digital wall,
the #CityPulse Wall, featuring
touchscreen interface and video
display, located in City Square
– the social hub of the Etihad
Stadium in Manchester.

The #CityPulse Wall, powered by SAP HANA, The #CityPulseWall Teaser video and Launch
was designed to enhance the matchday video had very positive engagement on social
experience for fans and help change the way fans media, with more than 232,000 and 55,000
access and consume football data, providing views respectively. The launch was covered in
them with access to data-driven insights, various online publications, including Computer
real-time statistics and player profiles for every Weekly and The Drum.
player across Manchester City’s men’s, women’s
and Elite Development Squad (EDS) teams. The Wall is located in the middle of City Square,
near the main entrance for transport links,
Through these insights, fans are able to analyse providing a perfect location for fan footfall. It has
their favourite players throughout the season and become a part of the fans’ matchday experience,
dive deeper into tailored performance indicators creating an estimated number of 472,500
to get an in-depth look at how each Manchester impressions during the 2016-17 season.
City player is performing on the pitch.

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OUR BUSINESS

PARTNERS
WIX Wix and Man City
shared values are
playing hard and
The partnership between Wix having fun
and Manchester City went from
strength to strength in 2017.
In March 2017, Wix launched
a competition giving its Latin
American users the opportunity
to win a commercial for their
Wix-designed website, starring
Manchester City players.

During the ten-day campaign, more than 15,000 Natalie Rozenboim, Head of Brand Partnerships
designs were submitted. The eventual winner, at Wix. said, “One of the great advantages we
Brazilian Gabriel Gargiulo Pacca, shot an online see in this partnership is how strong the
commercial to promote his business featuring Manchester City team is in Latin America, a top
four City stars – Brazilian trio Gabriel Jesus, geography for Wix. In this campaign, we gave a
Fernandinho and Fernando and Spanish Wix user the chance of a lifetime – a commercial
teammate Aleix Garcia. for his business starring Manchester City
players. This is the kind of money-can’t-buy
experience that really makes the partnership
come to life for our users while also empowering
a small business. The resulting video highlighted
Wix and Man City’s shared values of playing hard
and having fun.”

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OUR BUSINESS

PARTNERS
WOLF BLASS Special edition Blue
Label Manchester
City branded wine
In May 2016, leading Australian
wine brand Wolf Blass signed
a multi-year regional marketing
partnership with Manchester City,
making them Official Wine Partner
for Asia, Middle East and Africa
(MEA), and Mexico.

Using Manchester City and football as a During the campaign, Wolf Blass’ Facebook
platform, Wolf Blass are working to demystify following increased by more than 60%, they
wine in key territories and increase consumption achieved over 6 million impressions via social
‘occasionality’. The partnership is also designed media posts, and grew consumer sales by
to grow brand visibility in emerging markets, and nearly 200% across South East Asia.
drive social media reach and engagement.
Wolf Blass has also released a special edition
In the first year of the partnership, a three-month Blue Label Manchester City branded wine.
co-branded marketing campaign was rolled out in
nine countries (Singapore, Indonesia, Philippines,
Myanmar, Malaysia, Thailand, Vietnam, Cambodia
and Laos) linking in-store purchase to digital
activity, with co-branded videos featuring City
players undertaking skills challenges.

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OUR BUSINESS

PARTNERS
HAYS Hays and Manchester
City continue to
demonstrate the
Hays’ and Manchester City’s clear connection
between football
theme for the 2016-17 season and recruitment
was ‘Match Your Ambition’, a
successful multi-channel campaign
designed to demonstrate the
clear connection between football
and recruitment.

The campaign included sponsorship of the team The programme featured senior City Football
line-up announcement on men’s matchday, Group and Hays executives discussing how the
content offering a revealing look at the relationship is much more than a conventional
professional ambitions of City players and staff, sports sponsorship, offering behind-the-scenes
and the creation of ‘Player CVs’ for City players. insight into how the partnership came about,
Significant levels of engagement were generated and showing how Hays is activating around
across Hays and Manchester City social the world.
channels, driving further interest in the Hays
brand from City followers in the 33 countries in
which Hays operates.

In April 2017 City and Hays were the focus of

CNBC’s Marketing Media Money programme on
Sponsorship in Sport, which was distributed
across the CNBC World network and broadcast
more than 350 times globally.

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OUR BUSINESS

PEOPLE 94% of City staff

are proud to tell
others that they
work at the Club and
82% felt this was a
‘great place to work’
Manchester City was the only
sports company recognised in the
‘Best Workplaces (Large)’ category
by the Great Place to Work
Institute in its 2017 report, ranking
in 25th place, four positions higher
than the previous year.

94% of City staff said they were proud to tell to City Football Academy for International
others that they work at the Club and 82% felt Women’s Day, and to help celebrate the history
this was a ‘great place to work.’ The results of the Club. Staff were also granted exclusive first
showed an 88% favourable response regarding access to The Tunnel Club, our latest hospitality
Manchester City’s approach to equality and offering, to sample the food and service. Their
diversity. The Club also performed higher than feedback was taken into account in the official
many of the world’s best workplaces in relation development plans.
to statements around CSR activity and unique
perks and benefits for staff. Eight staff were awarded the ‘Captain’s Club’
award, a monthly award given for high
A new wellness scheme, ‘Be City’, was achievement and presented by team captains
introduced, offering staff a number of new Vincent Kompany and Steph Houghton.
initiatives including the provision of yoga
sessions, a weekly fitness bootcamp and free Four staff received their long service award
healthy food at breakfast and lunch. In addition, having reached the milestone 20-year service.
the Club held a series of special events including As at the end of June 2017, 48 staff have been
matchday screenings for the men’s team, with Manchester City for between 10 and
women’s team and EDS games with expert 19 years, and 13 staff for more than 20 years.
half-time talks. External speakers were welcomed

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OUR BUSINESS

PLACES The City Football

Academy hosts 40
hours of community
football every week

Almost three years on from Energy consumption

its opening, the City Football was reduced across
Academy won three awards at the Etihad Campus
the RIBA 2017 Awards – the RIBA
North West Award, RIBA North
West Sustainability Award and
RIBA North West Client of the Year.

Environmental efficiency remains a focus, and in Community access is an important part of the
2016-17 the site maintained 0% waste to landfill City Football Academy (CFA). In addition to 40
and reduced use of mains sourced water by 83% hours of community football activity on-site each
due to increased recycling and drawing of waters week, the facility is host to monthly supporter
from the bore-hole. Energy consumption was club meetings, fundraising events and local
reduced across the Etihad Campus: by 60% in residents’ meetings.
the City@Home and City Store buildings following
further expansion of LED lights to replace
conventional lighting, and by 20% in the Etihad
and Academy Stadia following optimisation of the
changed floodlighting schedule.

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OUR BUSINESS

PEOPLE AND PLACES

EQUALITY AND DIVERSITY CITY PEOPLE ENVIRONMENTAL COMMITMENTS

PARTNERS RECOGNITION FOR CITY AS A GREAT PLACE TO WORK MANCHESTER CITY’S FOCUS ON RECYCLING AND
ENERGY EFFICIENCY

TOP 30
MANCHESTER CITY IS COMMITTED TO TACKLING

0%
DISCRIMINATION IN ANY FORM, WORKING WITH
A RANGE OF DIVERSITY PARTNERS

The only sports company recognised in the ‘Best Proportion of waste that
Workplaces (Large)’ category by the Great Place goes to landfill
to Work Institute in its 2017 report

82%
CFG staff say that taking everything
83%
Reduction in mains-sourced water at
CFA, due to increased recycling and

60%
into account this is a great place

94%
to work drawing of waters from bore hole

Staff say they are proud to tell others Reduction in energy consumption
that they work at CFG following further expansion of
LED lights to replace conventional
lighting in City@Home and City

91%
Store buildings

UK employees are members

of the corporate cash plan,
20%
Reduction in energy consumption following
offering health, fitness, wellbeing optimisation of time the floodlights at the
and insurance benefits Etihad Stadium and CFA Academy Stadium
are turned on
Source: Great Place to Work Institute, Manchester City Source: Manchester City

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FINANCIAL REPORT

FINANCIAL
REPORT
CONTENTS

44 Directors and Advisors

46 Strategic Report
47 Directors’ Report
48 Statement of Directors’ Responsibilities
49 Independent Auditors’ Report to the Members
of Manchester City Limited
50 Consolidated Profit and Loss Account
51 Balance Sheets
52 Statement of Changes in Equity
53 Consolidated Cash Flow Statement
54 Notes to the Consolidated Financial Statements

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FINANCIAL REPORT

DIRECTORS AND ADVISORS

DIRECTORS
K Al Mubarak (Chairman)
M Edelman
S Pearce
M Al Mazrouei
J MacBeath
A Galassi

COMPANY SECRETARY
S Cliff

REGISTERED OFFICE
City Football HQ, 400 Ashton New Road, Manchester, M11 4TQ

BANKERS
Barclays Bank PLC, 51 Mosley Street, Manchester, M60 2AU

AUDITORS
BDO LLP, 3 Hardman Street, Manchester, M3 3AT

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FINANCIAL REPORT

DIRECTORS AND ADVISORS

CONTINUED

The Board of Directors comprises:

KHALDOON AL MUBARAK, CHAIRMAN MOHAMED AL MAZROUEI, MEMBER OF THE BOARD

Khaldoon Al Mubarak was appointed to the Board in September 2008. Mr Al Mubarak is currently Mohamed Al Mazrouei was appointed to the Board in January 2010. Since April 2008, Mr Al Mazrouei
Group CEO and Managing Director of Mubadala Development Company. He also serves as Chairman has served as the Undersecretary of the Crown Prince Court of Abu Dhabi. He is the Chairman of
of the Executive Affairs Authority of Abu Dhabi, Chairman of Emirates Nuclear Energy Corporation and Etihad Airways, and the former Chairman of Abu Dhabi Media.
Chairman of Emirates Global Aluminum. He is also a Board Member of the Abu Dhabi Supreme
Petroleum Council. JOHN MACBEATH, MEMBER OF THE BOARD
John MacBeath was appointed to the Board in January 2010. He served as Interim Chief Executive
MARTIN EDELMAN, MEMBER OF THE BOARD Officer of Manchester City FC from September 2011 to September 2012. John MacBeath is a
Martin Edelman was appointed to the Board in September 2008. He is also Vice Chairman of New Chartered Accountant with extensive international business experience in the oil & gas and aerospace
York City FC. Since June 2000, he has been Of Counsel to Paul Hastings, Janofsky & Walker LLP, a industrial sectors.
New York City law firm. Mr Edelman currently serves as Chairman of Manchester Life Development
Company and as Director of Equity Commonwealth, Advanced Micro Devices, BXMT and Aldar. He is ALBERTO GALASSI, MEMBER OF THE BOARD
also on the Advisory Board at Columbia University’s Business School. Mr Edelman works on behalf of Alberto Galassi was appointed to the Board in June 2012. Alberto Galassi is the CEO of Ferretti
several philanthropic initiatives and is on the boards of the Jackie Robinson Foundation, Intrepid Group, a multinational shipbuilding company and leader in luxury yachts. Mr Galassi is an attorney at
Fallen Heroes Fund, Fisher Alzheimer Center and Tribeca Film Institute. law specialised in international commerce and arbitration.

SIMON PEARCE, MEMBER OF THE BOARD

Simon Pearce was appointed to the Board in September 2008. He is also Vice Chairman of
Melbourne City FC. In 2006, Mr Pearce joined the Executive Affairs Authority of Abu Dhabi, and
currently serves as special Advisor to the Chairman. He is also a Board Member of Abu Dhabi
Motorsport Management, operator of Yas Marina Circuit and home of the F1 Etihad Airways Abu
Dhabi Grand Prix, and a Board Member of Manchester Life Development Company.

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FINANCIAL REPORT

STRATEGIC REPORT

The Directors present their annual report on the affairs of the Group, together with the financial Manchester City has net assets of more than £678m and continues to operate with zero financial
statements and Auditors’ report, for the 13 month period ended 30 June 2017. The longer debt. The Club remains committed to controlling wage costs, and reported a healthy wage/revenue
accounting period is due to the Directors’ decision to change the year end in line with that of the ratio of 56% during the 2016-17 season.
Group’s therefore the results are not entirely comparable.
Manchester City measures key performance against the following indicators:
PRINCIPAL ACTIVITIES Key performance indicator Result
The principal activity is the operation of a professional football club.
First team performance – Premier League finishing position 3rd place
BUSINESS REVIEW AND KEY PERFORMANCE INDICATORS First team performance – UEFA Champions League Round of 16
Manchester City (‘the Club’) continued its upward trajectory on-and-off the pitch, building upon Employee costs/revenue 56%
nine seasons of growth since Sheikh Mansour’s investment in 2008.
Average league home attendance 54,019
The season began with a new manager, Pep Guardiola, a new website, mancity.com, and the Commercial revenue growth 23%
introduction of the new Manchester City badge, voted for by fans. The Club’s charity, City in the Profit on disposal of Players’ registrations £34.6m
Community, began its 30th year celebration, which continued throughout the season.

During this reporting period, the men’s team finished third in the Premier League, reached the FA Cup RISKS AND UNCERTAINTIES
semi-final, and qualified for the UEFA Champions League (UCL) for the seventh consecutive season. The Board acknowledges that there are a number of risks and uncertainties which could have a
In youth football, the U18’s won the Premier League North Division and reached the FA Youth Cup material impact on the Club’s performance. The Club’s income is affected by the performance of the
final for the third consecutive season, and the Academy won nine trophies across all age groups. first team because significant revenues are dependent upon strong team performances in the Premier
League, domestic and European Cup competitions. The Club is regulated by the rules of the FA,
This financial report covers a 13-month period from 1 June 2016 to 30 June 2017 following a Premier League, UEFA and FIFA and any change to these regulations could have an impact as the
decision to change the year end. This change was introduced to better align the Manchester City regulations cover areas such as: the distribution of broadcasting income, the eligibility of players and
financial year with the growing number of entities in the group. It has had an adverse impact on the the operation of the transfer market. The Club monitors its compliance with all applicable rules and
profitability of the business as there is generally little revenue in June while costs continue to accrue. regulations on a continuous basis and considers the impact of any potential changes.
Despite this, the Club has continued to post a profit of £1.1m on ordinary activities after taxation.
By order of the Board
The Club’s revenues for the period, £473.4m, are 21% higher than the previous year and represent
the ninth consecutive period of revenue growth under the ownership of the Abu Dhabi United Group. J MacBeath
The revenue increase on the previous season was driven primarily by a growth in both commercial Director
and broadcast revenue. 12 October 2017

Broadcast revenue is reported at £203.5m, an increase of 26.1%, mainly as a result of the new
Premier League deal which began in the 2016-17 season. An increase in sponsorship deals during
the period resulted in growth in commercial revenue of 23% to £218.0m.

Matchday revenue remained consistent as the Etihad Stadium was host to a total of 26
home games, with average attendance at the 19 Premier League home games of 54,019.

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FINANCIAL REPORT

DIRECTORS’ REPORT

DIRECTORS
The Directors who held office for the period were as follows:

K Al Mubarak (Chairman)
M Edelman
S Pearce
M Al Mazrouei
J MacBeath
A Galassi

RESULT FOR THE YEAR

The profit for the period was £1,088,000 (2016: £20,483,000). The Directors do not propose a
dividend (2016: £nil).

POLITICAL AND CHARITABLE CONTRIBUTIONS

The Group made no political contributions. Donations to UK charities amounted to £4,607,448
(2016: £2,673,025). This amount includes £3.7m supporting Premier League youth and community
development.

EMPLOYEE INVOLVEMENT
Within the bounds of commercial confidentiality, staff at all levels are kept fully informed of matters
that affect the progress of the Company and are of interest to them as employees.

DISABLED EMPLOYEES
Disabled employees are given full and fair consideration for all types of vacancy. If an existing
employee becomes disabled, such steps as are practical and reasonable are taken to retain him/her
in employment. Where appropriate, assistance with rehabilitation and suitable training are given.
Disabled persons have equal opportunities for training, career development and promotion, except
insofar as such opportunities are constrained by the practical limitations of their disability.

FUTURE DEVELOPMENTS
Future developments are discussed in the Strategic Report.

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FINANCIAL REPORT

STATEMENT OF DIRECTORS’ RESPONSIBILITIES

DIRECTORS’ RESPONSIBILITIES AUDITORS

The Directors are responsible for preparing the Directors’ Report and the financial statements in All of the current Directors have taken all the steps that they ought to have taken to make themselves
accordance with applicable law and regulations. aware of any information needed by the Company’s Auditors for the purposes of their audit and to
establish that the Auditors are aware of that information. The Directors are not aware of any relevant
Company law requires the Directors to prepare financial statements for each financial period. audit information of which the Auditors are unaware.
Under that law the Directors have elected to prepare the Group and Company financial statements
in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom By order of the Board
Accounting Standards and applicable law). Under company law the Directors must not approve the
financial statements unless they are satisfied that they give a true and fair view of the state of affairs J MacBeath
of the Group and Company, and of the profit or loss of the Group for that period. Director
12 October 2017
In preparing these financial statements, the Directors are required to:
• select suitable accounting policies and then apply them consistently;
• make judgments and accounting estimates that are reasonable and prudent;
• state whether applicable UK Accounting Standards have been followed, subject to any material
departures disclosed and explained in the financial statements;
• prepare the financial statements on the going concern basis unless it is inappropriate to presume
that the Company will continue in business.

The Directors are responsible for keeping adequate accounting records that are sufficient to show and
explain the Company’s transactions and disclose with reasonable accuracy at any time the financial
position of the Company and enable them to ensure that the financial statements comply with the
Companies Act 2006. They are also responsible for safeguarding the assets of the Company and
hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

WEBSITE PUBLICATION
Financial statements are published on the Company’s website in accordance with legislation in the
United Kingdom governing the preparation and dissemination of financial statements, which may vary
from legislation in other jurisdictions. The maintenance and integrity of the Company’s website is the
responsibility of the Directors. The Directors’ responsibility also extends to the ongoing integrity of the
financial statements contained therein.

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FINANCIAL REPORT

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS

OF MANCHESTER CITY LIMITED
We have audited the financial statements of Manchester City Limited for the 13 month period ended OPINION ON OTHER MATTERS PRESCRIBED BY THE COMPANIES
30 June 2017 which comprise the consolidated profit and loss account, the consolidated and
Company balance sheets, the statement of changes in equity, the consolidated cash flow statement
ACT 2006
In our opinion, based on the work undertaken in the course of the audit:
and the related notes. The financial reporting framework that has been applied in their preparation is
• the information given in the Strategic Report and Directors’ Report for the financial period for
applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted
which the financial statements are prepared is consistent with the financial statements; and
Accounting Practice).
• the Strategic Report and Directors’ Report have been prepared in accordance with applicable
legal requirements.
This report is made solely to the Company’s members, as a body, in accordance with Chapter 3 of
Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to
the Company’s members those matters we are required to state to them in an Auditors’ report and for MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION
no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to In the light of the knowledge and understanding of the Group and the parent Company and its
anyone other than the Company and the Company’s members as a body, for our audit work, for this environment obtained in the course of the audit, we have not identified material misstatements in the
report, or for the opinions we have formed. Strategic Report or the Directors’ Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires
RESPECTIVE RESPONSIBILITIES OF DIRECTORS AND AUDITORS us to report to you if, in our opinion:
As explained more fully in the Statement of Directors’ Responsibilities, the Directors are responsible
• adequate accounting records have not been kept by the parent company, or returns adequate for
for the preparation of the financial statements and for being satisfied that they give a true and fair
our audit have not been received from branches not visited by us; or
view. Our responsibility is to audit and express an opinion on the financial statements in accordance
• the parent company financial statements are not in agreement with the accounting records and
with applicable law and International Standards on Auditing (UK and Ireland). Those standards require
returns; or
us to comply with the Financial Reporting Council’s (FRC’s) Ethical Standards for Auditors.
• certain disclosures of Directors’ remuneration specified by law are not made; or
• we have not received all the information and explanations we require for our audit.
SCOPE OF THE AUDIT OF THE FINANCIAL STATEMENTS
A description of the scope of an audit of financial statements is provided on the FRC’s website at Stuart Wood (senior statutory auditor)
www.frc.org.uk/auditscopeukprivate. For and on behalf of BDO LLP, statutory auditor
Manchester
OPINION ON FINANCIAL STATEMENTS 12 October 2017
In our opinion the financial statements:
• give a true and fair view of the state of the Group’s and the parent Company’s affairs as at 30 June BDO LLP is a limited liability partnership registered in England and Wales (with registered number
2017 and of the Group’s profit for the period then ended; OC305127).
• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting
Practice; and
• have been prepared in accordance with the requirements of the Companies Act 2006.

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FINANCIAL REPORT

CONSOLIDATED PROFIT AND LOSS ACCOUNT

FOR THE 13 MONTH PERIOD ENDED 30 JUNE 2017

Operations
excluding
player trading Player trading Total
13 month 13 month 13 month Total
period ended period ended period ended Year ended
30 June 2017 30 June 2017 30 June 2017 31 May 2016
Note £000 £000 £000 £000

Turnover 4 473,375 – 473,375 391,774

Other operating income 5 2,450 – 2,450 800
Operating expenses 5 (384,262) (121,742) (506,004) (389,773)
Operating profit/(loss) 91,563 (121,742) (30,179) 2,801
Profit on disposal of players’ registrations – 34,563 34,563 20,714
Profit/(loss) before interest and taxation 91,563 (87,179) 4,384 23,515
Interest receivable and similar income 8 2,091 – 2,091 1,637
Interest payable and similar charges 9 (1,676) – (1,676) (996)
Stadium finance lease charges (4,695) – (4,695) (4,567)
Profit/(loss) on ordinary activities before taxation 87,283 (87,179) 104 19,589
Taxation 10 984 – 984 894
PROFIT/(LOSS) ON ORDINARY ACTIVITIES AFTER TAXATION 88,267 (87,179) 1,088 20,483

The results for both periods are from continuing operations. The Company does not have any other comprehensive income; therefore, a statement of other comprehensive income has not
been presented.

The notes on pages 53 to 68 form part of these financial statements.

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FINANCIAL REPORT

BALANCE SHEETS
Registered number: 02989498

Group Company
30 June 2017 31 May 2016 30 June 2017 31 May 2016
Note £000 £000 £000 £000

Fixed assets
Intangible assets 12 335,468 268,648 – –
Tangible assets 13 412,570 398,549 – –
Investments 14 – – 678,208 677,120
748,038 667,197 678,208 677,120
Current assets
Debtors – amounts falling due within one year 15 270,691 202,448 – –
Debtors – amounts falling due after more than one year 15 23,351 13,620 – –
Cash at bank and in hand 18,706 55,818 – –
312,748 271,886 – –
Creditors
Derivative financial instruments – (353) – –
Creditors – due within one year 16 (161,103) (122,330) – –
Deferred income – due within one year 19 (133,304) (37,992) – –
Net current assets 18,341 111,211 – –
Total assets less current liabilities 766,379 778,408 678,208 677,120
Creditors – due after more than one year 17 (80,575) (93,245) – –
Deferred tax liabilities 20 (7,596) (8,043) – –
NET ASSETS 678,208 677,120 678,208 677,120
Capital and reserves
Called up share capital 21 65,115 65,115 65,115 65,115
Share premium account 1,232,393 1,232,393 1,232,393 1,232,393
Profit and loss account (619,300) (620,388) (619,300) (620,388)
SHAREHOLDERS’ FUNDS 678,208 677,120 678,208 677,120

The notes on pages 53 to 68 form part of these financial statements.

The Company profit for the period includes a profit after tax of £1.088m (2016: £20.483m).

These financial statements were approved by the Board of Directors on 12 October 2017 and were signed on its behalf by:

J MacBeath
Director

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FINANCIAL REPORT

STATEMENT OF CHANGES IN EQUITY

GROUP Share Share Profit and

capital premium loss account Total
£000 £000 £000 £000

As at 1 June 2015 65,115 1,232,393 (640,871) 656,637

Profit for the year – – 20,483 20,483
As at 31 May 2016 65,115 1,232,393 (620,388) 677,120
Profit for the period – – 1,088 1,088
AS AT 30 JUNE 2017 65,115 1,232,393 (619,300) 678,208

COMPANY Share Share Profit and

capital premium loss account Total
£000 £000 £000 £000

As at 1 June 2015 65,115 1,232,393 (640,871) 656,637

Reversal of impairment – – 20,483 20,483
As at 31 May 2016 65,115 1,232,393 (620,388) 677,120
Reversal of impairment – – 1,088 1,088
AS AT 30 JUNE 2017 65,115 1,232,393 (619,300) 678,208

The notes on pages 53 to 68 form part of these financial statements.

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CONSOLIDATED CASH FLOW STATEMENT

FOR THE 13 MONTH PERIOD ENDED 30 JUNE 2017

13 month
period ended Year ended
30 June 2017 31 May 2016
Note £000 £000

NET CASH INFLOW FROM OPERATING ACTIVITIES 24 144,624 70,460

Return on investments and servicing of finance
Interest paid – (7)
Interest element of finance lease payments (3,541) (3,494)
Interest received 960 332
Net cash outflow from return on investments and servicing of finance (2,581) (3,169)
Capital expenditure
Purchase of player registrations (199,343) (130,864)
Sale of intangible fixed assets 52,238 58,519
Purchase of other intangible assets (1,900) (24)
Purchase of tangible fixed assets (27,583) (18,088)
Sale of tangible fixed assets 9 3,694
Net cash outflow from capital expenditure (176,579) (86,763)
Net cash outflow before financing (34,536) (19,472)
Financing
Capital element of finance lease rental payments (348) (330)
Net cash outflow from financing (348) (330)
Movement in cash in the period 25 (34,884) (19,802)
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD 55,818 74,752
Exchange (losses)/gains on cash and cash equivalents (2,228) 868
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD 18,706 55,818

The notes on pages 53 to 68 form part of these financial statements.

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

1. AUTHORISATION OF FINANCIAL STATEMENTS AND STATEMENT OF The requirement in paragraph 38 of IAS 1 Presentation of financial statements to present comparative
information in respect of: (i) paragraph 79(a) (iv) of IAS 1; (ii) paragraph 73(e) of IAS 16 Property, plant
COMPLIANCE WITH FRS 101 and equipment; (iii) paragraph 118(e) of IAS 38 Intangible assets; (iv) paragraphs 76 and 79(d) of IAS
The financial statements of Manchester City Limited (the ‘Group’ and the ‘Company’) for the
40 Investment property; and (v) paragraph 50 of IAS 41 Agriculture.
13 month period ended 30 June 2017 were authorised for issue by the Board of Directors and
the balance sheet was signed on the Board’s behalf by J MacBeath on 12 October 2017.
The requirements in IAS 24 Related party disclosures to disclose related party transactions entered
Manchester City Limited is a private company limited by share capital incorporated and domiciled
into between two or more members of City Football Group Limited, provided that any subsidiary
in England and Wales under the Companies Act 2006. The registered office is City Football HQ,
which is a party to the transaction is wholly owned by such a member.
400 Ashton New Road, Manchester, M11 4TQ. The principal activities of the Group are discussed
in the Strategic Report.
The requirements of paragraphs 134(d)-134(f) and 135(c)-135(e) of IAS 36 Impairment of assets.
These financial statements were prepared in accordance with Financial Reporting Standard (‘FRS’)
Based on this undertaking the Directors believe that it is appropriate to prepare the financial
101 under the historical cost convention and are presented in pounds sterling and all values are
statements on a going concern basis.
rounded to the nearest thousand except when otherwise stated.

NEW AND AMENDED STANDARDS AND INTERPRETATIONS MANDATORY FOR THE

2. SIGNIFICANT ACCOUNTING POLICIES
The principal accounting policies applied in the preparation of these financial statements are set out FIRST TIME FOR THE FINANCIAL YEAR BEGINNING 1 JUNE 2016 AND ADOPTED BY
below. These policies have been consistently applied to all of the years presented. THE GROUP
Annual improvements 2014-2016 and 2015-2017 cycles are a collection of amendments to
BASIS OF PREPARATION standards as part of the IASB programme of annual improvements. The standards impacted
The Group meets the definition of a qualifying entity under FRS 100 issued by the FRC. The Group are listed below:
financial statements have therefore been prepared in accordance with FRS 101 and with those parts
of the Companies Act 2006 applicable to Companies reporting under FRS 101. Amendments to IFRS 1 First-time adoption of international financial reporting standards
Amendments to IFRS 12 Disclose of interests in other entities
Management has elected to carry the Etihad Stadium at cost under International Financial Reporting Amendments to IAS 28 Investments in associates and joint ventures
Standards (‘IFRS’). Amendments to IAS 12 Income taxes
Amendments to IAS 23 Borrowing Costs
The Group has taken advantage of the following disclosure exemptions under FRS 101:
NEW AND AMENDED STANDARDS AND INTERPRETATIONS ADOPTED EARLY
The requirements of paragraph 62, B64(d), B64(e), B64(g), B64(h), B64(j) to B64(m), B64(n)(ii), B64(o) No standards have been adopted early by the Group.
(ii), B64(p), B64(q)(ii), B66 and B67 of IFRS 3 (R) Business combinations.
NEW AND AMENDED STANDARDS AND INTERPRETATIONS ISSUED BUT NOT
The requirement of IFRS 7 Financial instruments: disclosures. YET EFFECTIVE
Amendments to IFRS 2 Share-based payment
The requirements of paragraphs 91 to 99 of IFRS 13 Fair value measurement Amendments to IFRS 4 Insurance Contracts
Amendments to IFRS 15 Revenue from contracts with customers
The requirements of paragraphs 30 and 31 of IAS 8 Accounting policies, changes in accounting Amendments to IFRS 16 Leases
estimates and errors. Amendments to IFRS 9 Financial instruments

The requirements of paragraph 17 of IAS 24 Related party disclosures. The adoption of these standards, amendments and interpretations is not expected to have a material
impact on the Group’s profit and loss account, net assets or equity. Adoption may affect the
disclosures in the Group’s financial statements.

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

CONTINUED

2. SIGNIFICANT ACCOUNTING POLICIES CONTINUED Matchday revenue includes revenue generated from the following competitions:
BASIS OF CONSOLIDATION
Manchester City Football Club domestic and European matchday activities played at the Etihad
The consolidated financial statements include the financial statements of the Group and its subsidiary
Stadium in Manchester, together with the Group’s share of gate receipts from domestic cup matches
undertakings up to 30 June 2017. The acquisition method of accounting has been adopted.
not played at the Etihad Stadium and revenue generated from pre-season tours. The share of gate
receipts payable to the opposition club and competition organiser for domestic cup matches held at
FOREIGN CURRENCY TRANSLATION the Etihad Stadium is recognised as an operating expense once the match has been played.
The Group’s financial statements are presented in sterling, which is also the parent company’s
functional currency, which is the currency of the primary economic environment in which the Matchday turnover received in advance of the year end, relating to the following year is treated as
entity operates. deferred income until such time that the related match is played when the revenue is recognised.
Deferred matchday turnover mainly relates to seasonal facilities at the Etihad Stadium.
TRANSACTIONS AND BALANCES
Transactions in foreign currencies are recorded using the rate of exchange ruling at the date of the TV BROADCASTING
transaction. TV broadcasting income represents turnover generated from all UK and overseas media contracts,
including contracts negotiated on behalf of participating clubs by the Premier League and UEFA.
Monetary assets and liabilities denominated in foreign currencies are translated using the contracted
rate or the rate of exchange ruling at the reporting date. All differences are taken to the profit and loss Turnover from the Premier League in respect of TV broadcasting for each football season is
account with the exception of all monetary items that form part of a net investment in a foreign recognised in the corresponding financial year. The fixed element of turnover received from the
operation. These are recorded in other comprehensive income until the disposal of the net Premier League is recognised as home games are played in the season. Facility fees for live coverage,
investment, at which time they are reclassified to the profit and loss account. Tax charges and credits near live coverage and highlights are earned for home and away matches and recognised following
attributable to exchange differences on those monetary items are also recorded in other the completion of each match.
comprehensive income.
UEFA distributions from participation in the Champions League include market pool payments
Non-monetary items that are measured in terms of historical cost in a foreign currency are translated recognised over the matches played and fixed amounts for participation in individual matches
using the exchange rates as at the dates of the initial transactions. Non-monetary items measured at recognised when matches are played. Distributions relating to team performance are recognised only
fair value in a foreign currency are translated using the exchange rates at the date when the fair value when the outcome is certain.
is determined. The gain or loss arising on translation of non-monetary items is recognised in line with
the gain or loss of the item that gave rise to the translation difference (translation differences on items
OTHER COMMERCIAL
whose gain or loss is recognised in other comprehensive income or the profit and loss account is also
Other commercial revenue includes revenue derived from the Manchester City brand through
recognised in other comprehensive income or the profit and loss account respectively).
partnership and other commercial contracts. Turnover from related activities such as concerts,
conferences and events is recognised following the completion of the event. Turnover receivable in
TURNOVER advance of the event is deferred until its completion when it is released to turnover.
Turnover represents the fair value of considerations received or receivable from the Group’s principal
activities, excluding Value Added Tax, other sales taxes and transfer fees. The Group’s principal Turnover receivable in relation to partnership contracts over and above the minimum guaranteed
revenue streams are matchday income, TV broadcasting income, commercial activities relating to the revenue within the contract is taken to revenue when a reliable estimate of the future performance of
Group and donations. The Group recognises revenue when the amount of revenue can be reliably the contract can be obtained and it is probable that the amounts will not be refunded to the partner in
measured; it is probable that future economic benefits will flow to the entity and when specific criteria future years. Turnover is recognised over the term of the contract in line with the partnership benefits
have been met for the principal activities described below. enjoyed by each partner.

MATCHDAY OTHER OPERATING INCOME

Matchday revenue is based on men’s football matches played by the clubs within the Group Income from the Elite Player Performance Plan (‘EPPP’) being a youth development scheme initiated
throughout the year. Revenue from each match is recognised only after each match is played by the Premier League is recognised in the financial year for the season to which it relates.
throughout the year.

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

CONTINUED

2. SIGNIFICANT ACCOUNTING POLICIES CONTINUED VAT AND OTHER SALES TAXES

Turnover, expenses and assets are recognised net of the amount of VAT or other sales tax, except
ACCRUED AND DEFERRED INCOME
where the VAT or sales tax incurred on a purchase of assets or services is not recoverable from the
Turnover relating to matchday activities, TV broadcasting and other commercial received after the
taxation authority, in which case the VAT or sales tax is recognised as part of the cost of acquisition
financial year end to which it relates is accrued as earned.
of the asset or as part of the expense item as applicable.
Turnover relating to matchday activities, TV broadcasting and other commercial receivable prior to the
The net amount of VAT or sales tax recoverable from, or payable to, the taxation authority is included
year end in respect of seasons in future financial years is deferred.
as part of receivables or payables in the balance sheet.
TAXES
NON-CURRENT ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS
CURRENT INCOME TAX
Non-current assets and disposal groups classified as held for sale are measured at the lower of
Current income tax assets and liabilities for the current period are measured at the amount expected
their carrying amount and fair value less costs to sell. Non-current assets and disposal groups
to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute
are classified as held for sale if their carrying amounts will be recovered principally through a sale
the amount are those that are enacted or substantively enacted, at the reporting date in the countries
transaction rather than through continuing use. This condition is regarded as met only when the
where the Group operates and generates taxable income.
sale is highly probable and the asset or disposal group is available for immediate sale in its present
condition. Management must be committed to the sale, which should be expected to qualify for
Current income tax relating to items recognised directly in equity is recognised in equity and not in
recognition as a completed sale within one year from the date of classification.
profit and loss. Management periodically evaluates positions taken in the tax returns with respect to
situations in which applicable tax regulations are subject to interpretation and establishes provisions
Fixed assets and intangible assets including player registrations, once classified as held for sale are
where appropriate.
not depreciated or amortised.

DEFERRED TAX
LEASES
Deferred tax is provided using the liability method on temporary differences at the reporting date
Finance leases which transfer to the Group substantially all the risks and benefits incidental to
between the tax bases of assets and liabilities and their carrying amounts for financial reporting
ownership of the leased item, are capitalised at the commencement of the lease at the fair value of
purposes.
the leased property or, if lower, at the present value of the minimum lease payments. Lease payments
are apportioned between finance charges and reduction of the lease liability so as to achieve a
Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax
constant rate of interest on the remaining balance of the liability. Finance charges are recognised in
assets are recognised only to the extent that it is probable that taxable profit will be available against
finance costs in profit and loss. A leased asset is depreciated over the estimated useful life of the
which deductible timing differences can be utilised.
asset or the term of the lease.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year
Operating lease payments are recognised as an operating expense in profit and loss on a straight-line
when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been
basis over the lease term.
enacted or substantively enacted at the reporting date.

Deferred tax items are recognised in correlation to the underlying transaction either in the profit and
loss account, other comprehensive income or directly in equity.

Deferred tax assets and deferred tax liabilities are offset if a legally enforceable right exists to set off
current tax assets against current income tax liabilities and the deferred taxes relate to the same
taxable entity and the same taxation authority.

Deferred tax assets are only recognised by the Group when management is certain they can be
utilised in the foreseeable future.

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

CONTINUED

2. SIGNIFICANT ACCOUNTING POLICIES CONTINUED The useful lives of intangible assets are assessed as either finite or indefinite.
FIXED ASSETS
Intangible assets with finite lives are amortised over their useful economic lives and assessed
Fixed assets are stated at cost, net of accumulated depreciation and accumulated impairment losses,
for impairment whenever there is an indication that the intangible asset may be impaired. The
if any. Such cost comprises purchase price and any directly attributable costs. When significant parts
amortisation period and the amortisation method for an intangible asset with a finite useful life are
of property, plant and equipment are required to be replaced at intervals, the Group derecognises the
reviewed at least at the end of each reporting period. Changes in the expected useful life or the
replaced part, and recognises the new part with its own associated useful life and depreciation.
expected pattern of consumption of future economic benefits embodied in the asset is accounted
for by changing the amortisation period or method, as appropriate, and are treated as changes in
Likewise, when a major inspection is performed, its cost is recognised in the carrying amount of the
accounting estimates. The amortisation expense on intangible assets with finite lives is recognised
plant and equipment as a replacement if the recognition criteria are satisfied. All other repair and
in profit and loss in the expense category consistent with the function of the intangible assets.
maintenance costs are recognised in profit and loss as incurred.
Intangible assets with indefinite useful lives are not amortised, but are tested for impairment annually,
Assets are reviewed for impairment whenever events or changes in circumstances indicate that the
either individually or at the CGU level. The assessment of indefinite life is reviewed annually to
carrying amount may not be recoverable. Any impairment charges are recognised in the profit and
determine whether the indefinite life continues to be supportable. If not, the change in useful life from
loss account when the carrying amount of the asset exceeds its estimated recoverable value, being
indefinite to finite is made on a prospective basis.
the higher of the asset’s fair value less cost to sell and value in use. These amounts are calculated
with reference to future discounted cash flows that the asset is expected to generate when
Gains or losses arising from de-recognition of an intangible asset are measured as the difference
considered as part of a cash generating unit (‘CGU’).
between the net disposal proceeds and the carrying amount of the asset and are recognised in
profit and loss when the asset is derecognised.
An item of property, plant and equipment and any significant part initially recognised is derecognised
upon disposal or when no future economic benefits are expected from its use or disposal. Any gain
or loss arising on de-recognition of the asset (calculated as the difference between the net disposal PLAYERS’ REGISTRATIONS AND FOOTBALL STAFF REMUNERATION
proceeds and the carrying amount of the asset) is included in the profit and loss account when the INITIAL RECOGNITION
asset is derecognised. Players’ registration costs including transfer fees, agent fees, Premier League levy fees and other
directly attributable costs are initially recognised at the fair value of the consideration payable for the
The assets’ residual values, useful lives and methods of depreciation are reviewed at each financial acquisition. When a player registration is acquired, management will make an assessment to estimate
year end and adjusted prospectively, if appropriate. the likely outcome of specific performance conditions. Contingent consideration will be recognised in
the players’ registration costs if management believes the performance conditions will be met in line
Land is not depreciated. Depreciation on other assets is provided on a straight line basis to write with the contractual terms. Periodic reassessments of the contingent consideration are completed.
down assets to their estimated residual value over their estimated useful economic lives from the date Any contingent amounts that management believe will be payable are included in the players’
of acquisition by the Group as follows: registration from the date management believe the performance conditions will be met. Any additional
amounts of contingent consideration not included in the costs of players’ registrations are disclosed
Freehold buildings – 2% straight line separately as a commitment. Amortisation of costs is on a straight line basis over the length of the
Long leasehold buildings – estimated useful economic life of the asset player’s contract.
Short leasehold buildings – estimated useful economic life of the asset
Fixtures and fittings – 10% straight line RENEGOTIATION
Computer equipment – 25% straight line The costs associated with an extension of a playing contract are added to the residual balance of
the players’ registration at the date of signing the contract extension. The revised net book value is
INTANGIBLE ASSETS amortised over the remaining renegotiated contract length.
Intangible assets acquired separately are measured on initial recognition at cost. The cost of
intangible assets acquired in a business combination is their fair value as at the date of acquisition.
Following initial recognition, intangible assets are carried at cost less accumulated amortisation and
accumulated impairment losses, if any.

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CONTINUED

2. SIGNIFICANT ACCOUNTING POLICIES CONTINUED FINANCIAL INSTRUMENTS

A financial instrument is any contract that gives rise to a financial asset of one entity and a financial
IMPAIRMENT
liability or equity instrument of another entity.
Management believe the value in use of a player registration cannot be determined on a player
by player basis unless a decision has been made to dispose of the player or the cost is recovered
through an insurance claim, for example if a player were to suffer a career threatening injury. If such FINANCIAL ASSETS
a case were to arise, management would assess the registration’s fair value less cost to sell in INITIAL RECOGNITION AND MEASUREMENT
comparison to its carrying value. Where the estimated fair value less cost to sell of a single player Financial assets are classified, at initial recognition, as financial assets at fair value through profit or
registration was below its carrying value, management would record an impairment charge in profit loss, loans and receivables, held-to-maturity investments, Available for sale (‘AFS’) financial assets, or
and loss immediately. as derivatives designated as hedging instruments in an effective hedge, as appropriate. All financial
assets are recognised initially at fair value plus, in the case of financial assets not recorded at fair value
DISPOSAL through profit or loss, transaction costs that are attributable to the acquisition of the financial asset.
Players’ registrations available for sale are classified as assets held for sale when their carrying value
is expected to be recovered principally through sale rather than continued use and a sale is Purchases or sales of financial assets that require delivery of assets within a time frame established by
considered highly probable. For sale to be highly probable, management must have committed to sell regulation or convention in the market place (regular way trades) are recognised on the trade date,
the registration, it must be actively marketed by the Group, with offers being received prior to the year i.e., the date that the Group commits to purchase or sell the asset.
end. For a registration to be classified as held for sale, management should expect to sell the asset
within 12 months of the date of reclassification. These assets would be reclassified as current assets SUBSEQUENT MEASUREMENT
and stated at the lower of their carrying value and their fair value less cost to sell with any impairment For purposes of subsequent measurement, financial assets are classified in four categories:
loss being recognised in profit and loss at the date of reclassification. • Financial assets at fair value through profit or loss
• Loans and receivables
When a player registration sale is completed, the fair value of consideration receivable less any • Held-to-maturity investments
applicable transaction costs, is assessed against the registration’s carrying value. Where the amounts • AFS financial assets
are different, gains and losses arising as a result of the sale are recorded and disclosed separately
within profit and loss on players’ registrations in the profit and loss account. Contingent consideration FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS
receivable from a sale of a player’s registration is only recognised in the profit and loss account once Financial assets at fair value through profit or loss include financial assets held for trading and financial
the performance conditions within the contract are met. assets designated upon initial recognition at fair value through profit or loss. Financial assets are
classified as held for trading if they are acquired for the purpose of selling or repurchasing in the near
REMUNERATION term. Derivatives, including separated embedded derivatives, are also classified as held for trading
Player remuneration is recorded in profit and loss in line with the conditions of the individual contracts. unless they are designated as effective hedging instruments as defined by IAS 39. Financial assets at
Performance bonuses are recorded as they become legally or contractually payable on a player by fair value through profit or loss are carried in the balance sheet at fair value with net changes in fair
player basis. Loyalty and signing on fees payable are recorded in the profit and loss account in the value presented as finance costs (negative net changes in fair value) or finance income (positive net
period to which they relate. changes in fair value) in profit or loss.

INVESTMENTS LOANS AND RECEIVABLES

The Group assesses each of its investments to assess whether control or significant influence exists. Loans and receivables are non-derivative financial assets with fixed or determinable payments that
When the Group assesses that it has control of an investment, the investment is treated as a are not quoted in an active market. After initial measurement, such financial assets are subsequently
subsidiary whose financial results are consolidated into the Group’s financial statements. If control measured at amortised cost using the effective interest rate (‘EIR’) method, less impairment.
or joint control does not exist, the Group assesses the investment for significant influence. When Amortised cost is calculated by taking into account any discount or premium on acquisition and fees
significant influence does not exist, the investment is treated as a financial investment by the Group. or costs that are an integral part of the EIR. The EIR amortisation is included in finance income in the
profit and loss account. The losses arising from impairment are recognised in the profit and loss
Other investments held are stated at cost less any provision for impairment. account in finance costs for loans and in cost of sales or other operating expenses for receivables.

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CONTINUED

2. SIGNIFICANT ACCOUNTING POLICIES CONTINUED Any gains or losses arising from changes in the fair value of derivatives are taken directly to profit or
loss, except for the effective portion of cash flow hedges, which is recognised in other comprehensive
AFS FINANCIAL ASSETS
income and later reclassified to profit and loss when the hedge item affects profit or loss. Amounts
For AFS financial assets, the Group assesses at each reporting date whether there is objective
recognised in other comprehensive income and accumulated in equity are reclassified to profit and
evidence that an investment or a group of investments is impaired.
loss in the periods when the hedged item is recognised in profit and loss. When a hedging derivative
is sold or expires, or when it no longer meets the criteria for hedge accounting, any cumulative gains
In the case of equity investments classified as AFS, objective evidence would include a significant or
or losses previously recognised in equity remains in equity and is only recognised when the hedged
prolonged decline in the fair value of the investment below its cost. ‘Significant’ is evaluated against
item is ultimately recognised in profit and loss.
the original cost of the investment and ‘prolonged’ against the period in which the fair value has been
below its original cost. When there is evidence of impairment, the cumulative loss – measured as the
difference between the acquisition cost and profit or loss – is removed from other comprehensive CAPITAL GRANTS
income (‘OCI’) and recognised in the profit and loss account. Impairment losses on equity Grants receivable in respect of capital expenditure are treated as deferred income and released to
investments are not reversed through profit or loss; increases in their fair value after impairment are profit and loss over a future period when there is reasonable assurance that the grant conditions will
recognised in OCI. be fully complied with. This period will equal the economic life of the assets to which the grants relate.
Deferred grant income in the balance sheet represents total grants received less amounts credited to
The determination of what is ‘significant’ or ‘prolonged’ requires judgment. In making this judgment, profit and loss.
the Group evaluates, among other factors, the duration or extent to which the fair value of an
investment is less than its cost. TRADE AND OTHER DEBTORS
Trade and other debtors are recognised initially at fair value and subsequently measured at amortised
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING cost using the EIR method, less provision for impairment. If collection is expected in greater than one
Derivatives used to hedge documented risks are initially recognised at fair value on the date of year, the debtors are presented as non-current assets. If the debtors are expected to be collected in
inception and subsequently measured at fair value at the end of each period. Subsequent changes in one year or less, they are presented as current assets.
fair value are recognised depending on whether the derivative is designated as a hedging instrument
and, if so, the nature of the item being hedged. The Group designates certain derivatives as cash flow An impairment provision for trade or other debtors is recorded when there is evidence that the debtor
hedges in order to hedge future cash flows denominated in foreign currencies. is impaired. Indicators of impairment include financial difficulties of the customer, the customer
potentially entering bankruptcy or financial reorganisation, and default in payments. The amount of
At the inception of a hedge relationship, the Group formally designates and documents the hedge impairment loss is measured as the difference between the carrying amount of the debtor and the
relationship to which it wishes to apply hedge accounting and the risk management objective and present value of the estimated future cash flows arising on the trade debtor.
strategy for undertaking the hedge. The documentation includes identification of the hedging
instrument, the hedged item or transaction, the nature of the risk being hedged and how the entity will Where previously impaired debtors are subsequently recovered, amounts previously written off are
assess the effectiveness of changes in the hedging instrument’s fair value in offsetting the exposure to credited to profit and loss.
changes in the hedged item’s fair value or cash flows attributable to the hedged risk. Such hedges are
expected to be highly effective in achieving offsetting changes in fair value or cash flows and are CASH AT BANK AND IN HAND
assessed on an ongoing basis to determine that they actually have been highly effective throughout Cash at bank and in hand in the balance sheet comprise cash at banks and on hand and short-term
the financial reporting periods for which they were designated. deposits with a maturity of three months or less.

The full fair value of the derivative is classified as a non-current asset or liability when the remaining TRADE AND OTHER CREDITORS
maturity of the hedged item is more than 12 months and as a current asset or liability if the remaining Trade and other creditors are obligations to pay for goods and services which have been acquired in
maturity of the hedged item is less than 12 months. the commercial operations of the Group. Amounts payable are presented as non-current liabilities if
payment is due in greater than one year. Where amounts payable are due in one year or less, they are
presented as current liabilities.

Trade and other creditors are recognised initially at fair value and subsequently measured at amortised
cost using the EIR method.
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CONTINUED

2. SIGNIFICANT ACCOUNTING POLICIES CONTINUED Management will perform an impairment review of player registrations, if events indicate that the
carrying value is not recoverable through an inflow of future economic benefits. Whilst management
PENSION COSTS
do not feel it is appropriate to separate an individual player registration from a single CGU, being the
The Group is one of a number of participating employers of The Football League Limited Pension and
operations of the club in possession of the registration, there may be limited circumstances in which a
Life Assurance Scheme which has been closed for new employees. The Group is unable to identify its
registration is removed from the CGU and recoverability assessed separately. Where such indications
share of the assets and liabilities of the scheme. As such, the Group’s contributions into the scheme
exist, management will compare the carrying value of the asset with management’s best estimate of
are recognised in profit and loss when they fall due.
fair value less cost to sell.
The Group also operates a defined contribution scheme. The assets of the scheme are held
separately from those of the Group in an independently administered fund. The Group’s contributions INTANGIBLE ASSETS
into this scheme are recognised in profit and loss when they fall due. Management will perform an impairment review of other intangible assets, if events indicate that the
carrying value is not recoverable through an inflow of future economic benefits. Where such
indications exist, management will compare the carrying value of the asset with management’s best
OBLIGATIONS UNDER FINANCE LEASES
estimate of fair value less cost to sell.
After initial recognition, interest bearing obligations under finance leases are subsequently measured
at amortised cost using the EIR method. Gains and losses are recognised in profit and loss when the
liabilities are derecognised as well as through the EIR amortisation process. FINANCIAL INSTRUMENTS
Financial instruments due to be settled or received in greater than one year are discounted when the
Amortised cost is calculated by taking into account any discount or premium on acquisition and fees time value of money is considered by management to be material to the Group. In such instances,
or costs that are an integral part of the EIR. The EIR amortisation is included in finance costs in profit management will estimate the timing of future cash flows and select an appropriate discount rate in
and loss. order to calculate the present value of future cash flows related to the financial instrument.

3. SIGNIFICANT ACCOUNTING JUDGMENTS, ESTIMATES AND DEBTOR RECOVERABILITY

Management assesses debtor recoverability on a case-by-case basis and provides for doubtful debt
ASSUMPTIONS where deemed necessary.
The preparation of the Company’s financial statements requires management to make judgments,
estimates and assumptions that affect the reported amounts of turnover, expenses, assets and
liabilities, and the disclosure of contingent liabilities, at the end of the reporting period. However, 4. TURNOVER 13 month
uncertainty about these assumptions and estimates could result in outcomes that require a material period ended Year ended
30 June 2017 31 May 2016
adjustment to the carrying amount of the asset or liability affected in future periods. Estimates and £000 £000
assumptions used by management are based on historical experience and other relevant factors.
Matchday 51,868 52,523
Broadcasting – UEFA 47,928 61,242
PLAYER REGISTRATIONS
Broadcasting – All Other 155,566 100,139
The costs associated with players’ registrations are initially recognised at the fair value of the
Other commercial activities 218,013 177,870
consideration payable for the acquisition, which includes the Company’s estimate of the fair value of
any contingent consideration. Subsequent reassessments of the contingent consideration payable 473,375 391,774
are included in the players’ registration. The estimate of the amount of contingent consideration
payable requires management to assess, on a player by player basis, the likelihood of specific All turnover originates in the United Kingdom. The Company has one activity which is the operation
performance terms being met which would result in the payment of contingent consideration. of a professional football club and therefore a segmental analysis has not been provided. All of the
results for this activity are included within the primary statements.

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CONTINUED

5. OPERATING (LOSS)/PROFIT 13 month

6. DIRECTORS REMUNERATION 13 month
period ended Year ended period ended Year ended
30 June 2017 31 May 2016 30 June 2017 31 May 2016
£000 £000 £000 £000

Other operating income Directors’ emoluments – –

Other operating income 2,450 800 Company contributions to money purchase pension schemes – –
2,450 800 Amounts paid to third parties in respect of Directors’ services – –

Operating expenses
Direct cost of sales and consumables 11,876 8,801 No Directors were paid in the period (2016: £nil) and no Company pension contributions were made
Remuneration of Auditors and its associates: (2016: £nil).
Audit fees 41 47
Tax services 18 18 7. EMPLOYEES
Other services 50 50 The average number of employees and Directors during the period is set out and analysed by
Hire of other assets – operating leases 137 63 category in the table below:
Capital grants released and amortised (296) (132) Average number of employees 2017 2016
Other external charges 94,176 76,929
Football staff – including players 153 150
Staff costs (Note 7) 264,133 197,584
Commercial/administration staff 172 170
Amortisation of player registrations 121,742 93,952
Amortisation of other intangibles 574 8 325 320
Profit on disposal of fixed assets (3) (189)
Depreciation of tangible fixed assets: The aggregate payroll costs of these persons were as follows:
Owned 10,426 9,659 £000 £000

Leased 3,130 2,983 Wages and salaries 232,840 174,360

506,004 389,773 Social security costs 30,722 22,606
Other pension costs 571 618
Operating (loss)/profit
Operating profit before player trading 91,563 96,753 264,133 197,584
Amortisation of player registrations (121,742) (93,952)
(30,179) 2,801

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CONTINUED

8. INTEREST RECEIVABLE AND SIMILAR INCOME (B) FACTORS AFFECTING TAX CREDIT FOR THE PERIOD:
13 month
The tax credit for the period varies from the standard rate of corporation tax in the UK of 19.8%
period ended Year ended
30 June 2017 31 May 2016 (2016: 20%). The differences are explained below:
13 month
£000 £000 period ended Year ended
30 June 2017 31 May 2016
Bank interest 293 544 £000 £000
Other 1,798 1,093
Profit on ordinary activities before taxation 104 19,589
2,091 1,637
Profit on ordinary activities multiplied by standard rate of corporation
tax in the UK of 19.8% (2016: 20%) 21 3,918
9. INTEREST PAYABLE AND SIMILAR CHARGES 13 month Effects of:
period ended Year ended Expenses not deductible for tax purposes 189 254
30 June 2017 31 May 2016 Fixed asset timing differences 1,648 2,187
£000 £000
Other permanent differences 836 429
Bank loans and overdrafts 1,673 996 Additional deduction for land remediation expenditure – –
Other loans 3 – Tax losses utilised in the period – –
1,676 996 Adjustments in respect of prior periods – –
Differences between capital allowances and depreciation – –
Adjustments to deferred tax balances 5,495 11,472
10. TAXATION Deferred tax not recognised (8,104) (18,138)
(A) ANALYSIS OF THE TAX CREDIT IN THE PERIOD: 13 month
Tax rate difference arising on revaluation of stadium (447) (894)
period ended Year ended Income not taxable for tax purposes (85) (122)
30 June 2017 31 May 2016 Adjustments in respect of prior years (537) –
£000 £000
TOTAL TAX CREDIT FOR THE PERIOD (984) (894)
Current tax
UK corporation tax at 19.8% (2016: 20%) on profits for the period – –
The Company has corporation tax losses available for carry forward of approximately £502.9 million
Adjustments in respect of prior years (537) –
(2016: £503 million).
Total current tax credit (537) –
Deferred tax (C) FACTORS THAT MAY AFFECT FUTURE TAX CHARGES:
Impact of change in UK corporation tax rate (447) (894) The Company expects its effective tax rate in future years to be less than the standard rate of
corporation tax in the UK due principally to the amount of tax losses available to be set off against
Total deferred tax credit (447) (894)
future taxable profits.
TOTAL TAX CREDIT (984) (894)

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CONTINUED

11. COMPANY RESULTS

The Company has taken advantage of the exemption allowed under section 408 of the Companies
Act 2006 and has not presented its own profit and loss account in these financial statements. The
Company profit for the period includes a profit after tax of £1.088m (2016: £20.483m).

12. INTANGIBLE FIXED ASSETS

Other Player
intangibles registrations Total
Group £000 £000 £000

Cost
As at 1 June 2016 1,494 523,413 524,907
Additions 1,900 203,535 205,435
Disposals – (39,020) (39,020)
AS AT 30 JUNE 2017 3,394 687,928 691,322
Amortisation
As at 1 June 2016 1,260 254,999 256,259
Charge for the period 574 121,742 122,316
Disposals – (22,721) (22,721)
AS AT 30 JUNE 2017 1,834 354,020 355,854
Net book value
AS AT 30 JUNE 2017 1,560 333,908 335,468
As at 1 June 2016 234 268,414 268,648

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13. TANGIBLE FIXED ASSETS Land and Land and Land and Assets under Fixtures,
Buildings Buildings (Short Buildings (Long course of Fittings &
(Freehold) Leasehold) Leasehold) construction Equipment Total
Group £000 £000 £000 £000 £000 £000

Cost
As at 1 June 2016 176,972 1,594 196,185 2,392 54,596 431,739
Additions – – 92 24,083 3,408 27,583
Disposals – – – – (15) (15)
Reclassification 15,444 – 1,000 (16,507) 63 –
AS AT 30 JUNE 2017 192,416 1,594 197,277 9,968 58,052 459,307
Depreciation
As at 1 June 2016 3,728 145 8,593 – 20,724 33,190
Charge for the period 2,671 22 3,108 – 7,755 13,556
Disposals – – – – (9) (9)
Reclassification – – – – – –
AS AT 30 JUNE 2017 6,399 167 11,701 – 28,470 46,737
Net book value
AS AT 30 JUNE 2017 186,017 1,427 185,576 9,968 29,582 412,570
As at 1 June 2016 173,244 1,449 187,592 2,392 33,872 398,549

FINANCE LEASE ON ETIHAD STADIUM

On 5 August 2003, Maine Road was exchanged for a 250 year leasehold interest in the Etihad Stadium. Rental payments are made quarterly. The lease has been treated as a finance lease,
with the lease premium and the net present value of future rental obligations capitalised.

A finance lease creditor equal to the future obligations under the lease has been established. In calculating the future obligations an interest rate of 7.57% and an estimated long term inflation
rate of 2.5% have been applied.

Property, plant and equipment is recognised at its original cost to the Company with the exception of the Etihad Stadium. Management has elected to carry the Etihad Stadium at cost under
IFRS, as such; the transitional ‘deemed cost’ as at 1 June 2014 is the previously revalued Etihad Stadium value from 31 May 2012 plus additions thereafter at cost to 31 May 2014. The
revaluation completed at 31 May 2015 was reversed.

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14. FIXED ASSET INVESTMENTS Shares in

15. DEBTORS Group Company
Subsidiary 30 June 31 May 30 June 31 May
Undertakings 2017 2016 2017 2016
Company £000 £000 £000 £000 £000

Cost Amounts falling due within

As at 1 June 2016 1,303,490 one year
Additions – Trade debtors 129,659 65,498 – –
AS AT 30 JUNE 2017 1,303,490 Debtors arising from player transfers 29,955 26,129 – –
Amounts owed by group undertakings
Provision
(Note 27) 74,149 46,146 – –
As at 1 June 2016 626,370
Amounts owed by related party
Additions –
undertakings (Note 27) 367 206 – –
Reversal of impairment (1,088)
Other debtors 40 23 – –
AS AT 30 JUNE 2017 625,282 Prepayments and accrued income 36,521 64,446 – –
Net book value 270,691 202,448 – –
AS AT 30 JUNE 2017 678,208 Amounts falling due after more
As at 1 June 2016 677,120 than one year
Debtors arising from player transfers 23,194 13,299 – –
Proportion of Other debtors 157 321 – –
voting rights
and share
23,351 13,620 – –
Subsidiary undertakings Principle activities capital held Registered address
TOTAL DEBTORS 294,042 216,068 – –
Manchester City Professional football club 100% City Football HQ,
Football Club Limited 400 Ashton New Road, The fair values of the above trade and other debtors are equal to their carrying values.
Manchester, M11 4TQ
Manchester City Dormant company 100% Etihad Stadium, Trade and other debtors are non-interest bearing and credit terms vary depending on the type of
Investments Limited* Etihad Campus, sale. Credit terms relating to player transfers are determined on a player by player basis. Seasonal
Manchester, M11 3FF facilities are paid in advance of the season or are collected via direct debit on a monthly basis
* denotes indirect investments. throughout the season. Credit terms in relation to sponsorship agreements are agreed on a contract
by contract basis, usually over the life of the contract. Other sales have credit terms ranging between
All companies are incorporated in England and Wales. 21 and 30 days.

The circumstances that led to the reversal of the impairment in the Subsidiary undertaking is that the
Subsidiary has made a continued profit over the previous three years showing sustained profitability.

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16. CREDITORS: DUE WITHIN ONE YEAR 18. BORROWINGS Group

Group Company 30 June 31 May
30 June 31 May 30 June 31 May 2017 2016
2017 2016 2017 2016 Total Total
£000 £000 £000 £000 Maturity of debt: £000 £000

Obligations under finance leases Within one year 396 347

(Note 18) 396 347 – – Between one and two years 384 365
Trade creditors 4,848 5,142 – – Between two and five years 1,271 1,210
Creditors arising from player transfers 71,503 49,409 – – After more than five years 64,271 64,748
Amounts owed to group undertakings 66,322 66,670
(Note 27) 815 289 – –
Amounts owed to related party
undertakings (Note 27) 50 611 – – FINANCE LEASES
Other creditors including tax and Obligations under finance leases include future obligations under the lease of the Etihad Stadium.
social security 43,352 17,212 – – Details are provided within note 13.
Accruals 40,139 49,320 – –
The maturity of obligations under finance leases and hire purchase contracts is as follows:
161,103 122,330 – –
30 June 31 May
2017 2016
17. CREDITORS: DUE AFTER MORE THAN ONE YEAR £000 £000

Group Company
Within one year 3,550 3,550
30 June 31 May 30 June 31 May
In the second to fifth year 14,200 14,200
2017 2016 2017 2016 Over five years 150,275 153,825
£000 £000 £000 £000 Less future finance charges (101,703) (104,905)
Obligations under finance leases 66,322 66,670
(Note 18) 65,926 66,323 – –
Creditors arising from player transfers 14,649 26,922 – –
19. DEFERRED INCOME
80,575 93,245 – – Group Company
30 June 31 May 30 June 31 May
2017 2016 2017 2016
£000 £000 £000 £000

Within one year:

Deferred income 133,304 37,992 – –
Deferred credit for capital grants – – – –
133,304 37,992 – –

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20. DEFERRED TAX 22. PENSIONS

The following are the deferred tax assets and liabilities recognised alongside details of the DEFINED CONTRIBUTION SCHEME
movements on each. Contributions to the defined contribution pension scheme are charged to the profit and loss account
Property
revaluation Total in the period in which they become payable. The total contributions in the period amounted to
Group £000 £000 £571,000 (2016: £554,344). As at 30 June 2017, contributions of £101,000 (2016: £75,000) due to
At 31 May 2016 8,043 8,043 the pension scheme were unpaid and recorded in current liabilities
Credited to profit and loss account (447) (447)
AS AT 30 JUNE 2017 7,596 7,596 DEFINED BENEFIT SCHEME
Manchester City Football Club (‘the Club’), a subsidiary of the Group participates in the Football
League Pension and Life Assurance Scheme (‘the Scheme’). The Scheme is a funded multi-employer
Deferred tax assets and liabilities are only offset where a legally enforceable right exists to do so. The defined benefit scheme, with 92 participating employers, and where members may have periods of
table below analyses the deferred tax balances: service attributable to several participating employers. The Club is unable to identify its share of the
2017 2016
Group £000 £000 assets and liabilities of the Scheme and therefore accounts for its contributions as if they were paid to
Deferred tax liabilities 7,596 8,043 a defined contribution scheme.

The last actuarial valuation was carried out at 31 August 2014 where the total deficit on the on-going
The Group has not recognised a deferred tax asset of £97.4m (2016: £116.1m) in relation to valuation basis was £21.8 million.
accumulated losses, accelerated capital allowances and short term timing differences due to the
uncertainty as to whether it can be utilised in the foreseeable future. The losses do not have an The accrual of benefits ceased within the Scheme on 31 August 1999. The Club pays monthly
expiry date. contributions based on a notional split of the total expenses and deficit contributions of the Scheme.

No deferred tax has been recognised in the Company. The Club currently pays total contributions of £63,852 per annum which increases at 5.0% per
annum and based on the actuarial valuation assumptions detailed above, will be sufficient to pay off
21. SHARE CAPITAL the deficit by 31 August 2022.
The authorised and issued share capital at the beginning and end of the period is as follows:
30 June 31 May As at 30 June 2017, the present value of the Club’s outstanding contributions (i.e. their future liability)
2017 2016 is £397,100. This amounts to £66,059 (2016: £65,272) due within one year and £331,041 (2016:
£000 £000 £331,041) due after more than one year.
Issued and called up
651,028,873 (2016: 651,028,873) Ordinary shares of 10p each – The funding objective of the Trustees of the Scheme is to have sufficient assets to meet the Technical
fully paid 65,103 65,103 Provisions of the Scheme. In order to remove the deficit revealed at the previous actuarial valuation
20 (2016: 20) Ordinary shares of 10p each – 2.5p paid – – (dated 31 August 2014), deficit contributions are payable by all participating clubs. Payments are
49,998 (2016: 49,998) Redeemable deferred shares of £1 each – made in accordance with a pension contribution schedule. As the Scheme is closed to accrual, there
25p paid 12 12 are no additional costs associated with the accruing of members’ future benefits. In the case of a club
being relegated from the Football League and being unable to settle its debt then the remaining clubs
65,115 65,115
may, in exceptional circumstances, have to share the deficit.

No shares were issued during the period.

The redeemable deferred shares are redeemable at the option of the Company and there is no
premium to be paid on the shares.

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22. PENSIONS CONTINUED 24. RECONCILIATION OF OPERATING PROFIT TO NET CASH INFLOW
Upon the wind-up of the Scheme with a surplus, any surplus will be used to augment benefits. Under FROM OPERATING ACTIVITIES 13 month
the more likely scenario of there being a deficit, this will be split amongst the clubs in line with their period ended Year ended
contribution schedule. Should an individual club leave the Scheme, they may be required to pay their 30 June 31 May
share of the deficit based on a proxy buyout basis (i.e. valuing the benefits on a basis consistent with 2017 2016
£000 £000
buying out the benefits with an insurance company). The Club is a member of the Scheme, a pension
scheme providing benefits based on final pensionable pay. As this subsidiary is one of a number of Operating (loss)/profit (30,179) 2,801
participants in the scheme, it is unable to identify its share of assets and liabilities and therefore Amortisation and impairment of players’ registrations 121,742 93,952
accounts for the contributions payable as if they were made to a defined contribution scheme. The Depreciation 13,556 12,642
Club is advised by the scheme administrators of the additional contributions required to fund the Amortisation of other intangible assets 574 8
deficit. The administrators have confirmed that the assets and liabilities cannot be split between the Profit on sale of fixed assets (3) (189)
participating entities. Fair value (gains)/losses on derivative financial instruments (353) 843
Increase in debtors (76,696) (51,405)
23. COMMITMENTS Increase in creditors 115,983 12,881
OPERATING LEASES Release and amortisation of grants – (1,073)
The future aggregate minimum lease payments under non-cancellable operating leases are set NET CASH INFLOW FROM OPERATING ACTIVITIES 144,624 70,460
out below.
30 June 31 May

Expiring:
2017
£000
2016
£000
25. RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET
Within one year 1 1
CASH/(DEBT) 13 month
period ended Year ended
Within two and five years – – 30 June 31 May
After five years – – 2017 2016
£000 £000
1 1
Decrease in cash in the period (34,884) (19,802)
Net cash inflow from movement in debt 348 330
CAPITAL COMMITMENTS
The capital commitments contracted but not provided for are as follows: Movement in net debt resulting from cash flows (34,536) (19,472)
Exchange (losses)/gains on cash (2,228) 868
30 June 31 May Opening net (debt)/cash position (10,852) 7,752
2017 2016
£000 £000 CLOSING NET DEBT POSITION (47,616) (10,852)
Contracted but not provided for 3,289 2,112

TRANSFER FEES PAYABLE

Additional transfer fees, signing on fees and loyalty bonuses of £111,033,000 (2016: £123,390,000)
that will become payable upon the achievement of certain conditions contained within player and
transfer contracts if they are still in the service of the Club on specific future dates are accounted for in
the year in which they fall due for payment.

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26. ANALYSIS OF CHANGES IN NET CASH/(DEBT) 28. EVENTS AFTER THE REPORTING DATE
Since the year end the Club has entered into agreements to acquire the football registrations of
As at As at
1 June Exchange 30 June Ederson Santana de Moraes (from Benfica), Kyle Walker (from Tottenham Hotspur FC), Benjamin
2016 Cash flow gains on cash 2017 Mendy (from AS Monaco FC), Danilo Luiz da Silva (from Real Madrid C.F.), Bernardo Silva (from AS
£000 £000 £000 £000
Monaco FC), Douglas Luiz Soares de Paulo (from CR Vasco da Gama), Olarenwaju Kayode (from FK
Cash at bank and in hand 55,818 (34,884) (2,228) 18,706 Austria Wien), Ivan Ilic (from Red Star Belgrade), Luka Ilic (from Red Star Belgrade) and Uriel Antuna
Movement in net cash position in (from Santos Laguna). The football registrations of Wilfried Bony (to Swansea City AFC), Kelechi
the period 55,818 (34,884) (2,228) 18,706 Iheanacho (to Leicester City FC), Manuel Agudo Durán (to Sevilla FC), Fernando Francisco Reges
Debt due within one year – – – – Mouta (to Galatasaray SK), Samir Nasri (to Antalyaspor), Aleksandar Kolarov (to AS Roma), Jadon
Debt due after one year – – – – Sancho (to Borussia Dortmund), Olivier Ntcham (to Celtic FC), Rubén Sobrino (to Deportivo Alavés)
and Bruno Zuculini (to Hellas Verona FC) have been sold. The net expenditure on these transactions
Net cash (excluding finance leases) 55,818 (34,884) (2,228) 18,706 was approximately £161m.
Finance leases (66,670) 348 – (66,322)
(10,852) (34,536) (2,228) (47,616) 29. ULTIMATE PARENT COMPANY
As at the 30 June 2017 the Company’s ultimate parent undertaking was Abu Dhabi United Group
Investment and Development Ltd, a company registered in Abu Dhabi and wholly owned by His
27. RELATED PARTY TRANSACTIONS Highness Sheikh Mansour bin Zayed Al Nahyan.
TRANSACTIONS WITH SUBSIDIARIES OF CITY FOOTBALL GROUP LIMITED
Transactions during the 13 month period ended 30 June 2017 with New York City Football Club LLC, City Football Group Limited is the parent undertaking of the smallest and largest group to consolidate
a fellow subsidiary of City Football Group Limited, consisted of trading balances totalling £63,000 these financial statements. Copies of City Football Group Limited consolidated financial statements
(2016: £13,000), which are included in debtors due within one year, the provision of services of can be obtained from Companies House.
£1,000 (2016: £4,000) and the purchase of services totalling £87,000 (2016: £nil).

TRANSACTIONS WITH BROOKSHAW DEVELOPMENTS LIMITED

A balance from Brookshaw Developments Limited, a company also owned by Abu Dhabi United
Group Investment and Development Ltd, of £50,000 (2016: £611,000) is included in creditors due
within one year.

TRANSACTIONS WITH ABU DHABI UNITED GROUP INVESTMENT AND

DEVELOPMENT LTD
During the period, costs of £161,000 (2016: £206,000) were recovered from the ultimate parent
company. A balance of £367,000 (2016: £206,000) was included in debtors due within one year.

KEY MANAGEMENT COMPENSATION

Details of key management compensation are listed in the notes of City Football Group Limited
financial statements in Note 6.

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