24直播网 10月09日讯 The Athletic足球财经专家Chris Weatherspoon近日剖析了曼城商业盈利状况，揭示其真实财务状况远逊于公开数据。自2011-12赛季加入欧冠以来，蓝月亮未曾缺席任何一届。截至目前，数据显示...

The Athletic的足球财经专家Chris Weatherspoon在最新文章中深入剖析了曼城的经济收入状况，揭示出其实际财务表现远不如公开报告所展示的那样乐观。

Since their maiden appearance in the Champions League during the 2011-12 campaign, Manchester City has consistently maintained their presence in the competition. Over the course of the following seven seasons up to 2018, the club has accumulated a staggering 277 million pounds in prize money from UEFA competitions, a figure that places them at the forefront of English clubs and just behind five European giants from abroad.

By the conclusion of the 2017-18 season, Manchester City's broadcasting revenue soared past 200 million pounds, a feat attributed entirely to their exceptional on-field achievements. In stark contrast, Everton, who were locked in a fierce battle for rankings with Manchester City at the time of the latter's acquisition, was receiving a broadcasting revenue that was a staggering 70 million pounds less than that of Manchester City.

尽管曼城若能成功上诉并证明其与阿布扎比的联系所提供的赞助估值符合规定，但这些数额与其他俱乐部相比依旧显得异常庞大。在2017-18赛季，曼城从与阿布扎比相关的企业中获得了高达1.46亿英镑的商业收益，这一数字占其总商业收入的63%。尽管这一比例相较于2012-13赛季的85%有所减少，但这一变化也显示出俱乐部从非阿布扎比来源获得的经济收益有所上升。

Since 2009, Etihad Airways has maintained a prime spot on the Manchester City jersey's front, although the sponsor situated above has undergone multiple changes. When in 2013, the agreement for a jersey sponsorship with Umbro, valued at 6 million pounds annually, expired, Nike stepped in and doubled the sponsorship fee. A report issued by UEFA post-2024 revealed that during the 2013-14 season, Manchester City received a sponsorship sum of 15 million euros from Nike.

尽管球衣赞助为曼城带来了收入的大幅增长，但这一增长在2014年时仅使公司排名上升至第18位（若将整体商品销售额纳入考量，排名可能更低）。与拜仁相比，曼城的球衣及其相关产品销售额相差近10亿英镑，与皇马的差距更是高达6500万英镑，而这一数字仅是曼联的五分之一。尽管球衣赞助收入并不显著，曼城在2013-14赛季的商业总收益仍位居全球第五。

在对比之下，利物浦在同赛季的球衣销售收入领先曼城4000万英镑，然而，其整体商业收入却落后曼城超过6000万英镑。这一差距表明，曼城在球衣之外的商业领域收入比利物浦高出整整10亿英镑。正是在那个赛季，曼城凭借来自阿布扎比赞助商的1.275亿英镑巨额赞助，成功在英超联赛中击败利物浦，夺取了冠军头衔。

在2019年，曼城与耐克的合作宣告结束，转而与彪马携手，这一转变带来了赞助金额的显著增长。在2025年7月，双方签署了一笔年均价值达到1亿英镑的巨额合约，这一举措更是凸显了之前曼城所获得的赞助金与同行业水平相比的不足。进入2024-25赛季，曼城从球衣赞助中获得的收入为7140万英镑，这一数字仅为曼联收入的一半。

尽管在战绩和商业运作的多个层面，曼城已经超越了曼联，但在球衣和周边产品销售的总收入领域，仍有超过10家俱乐部位居曼城之上。最近，曼城在商业收入增长方面遇到了阻碍，与此同时，皇马、巴萨等顶级俱乐部仍在持续扩大其收入规模。

在赤字限制政策尚无定规的早期，曼城在阿布扎比投资集团接管后的首个赛季，公开承认了高达9300万英镑的净亏损。然而，在2010-11赛季创下了1.97亿英镑的亏损新高后，随着欧洲足球协会的财政公平政策（FFP）自2012-13赛季全面生效，俱乐部的财务状况开始出现积极转变。进入2014-15赛季，曼城成功实现了财务上的盈利。

在2024-25赛季，曼城遭遇了1000万英镑的赤字，这是该俱乐部自2013年以来第二次未能实现盈利，前一次亏损源于疫情引发的巨额债务。然而，若不计入高达8.552亿英镑的虚假收入，曼城的实际财务状况将更为严峻。据此计算，原本的1.97亿英镑亏损将增至2.26亿英镑，而2012-13赛季显示的4700万英镑税前亏损实际上达到了1.82亿英镑的惊人数字。

In January 2013, the establishment of City Football Group (CFG) led to a significant shift in financial reporting, with substantial expenditures—predominantly the salaries of employees engaged in managing Manchester City but employed at the group level—no longer being accounted for within the club's individual financial statements. Regardless of the financial misreporting issues brought to light by the recent legal proceedings, the true pre-tax performance of Manchester City has generally been far less favorable than the figures disclosed in the club's standalone financial reports.

综合各项数据来看，依据欧洲足球联盟的规定进行核算的财务成果，与俱乐部自行公布的财务报表相比，显得更为严峻。在2019、2022、2024以及2025这四个财年期间，曼城公布的财务报表中显示的净利润总额达到了1.16亿英镑。然而，按照欧洲足球联盟的评估，同一时期的实际财务状况却是净亏损1.26亿英镑，这一差距达到了惊人的2.42亿英镑。

在2009年至2018年的赛季中，关于曼城向欧洲足球联合会提交的最终盈利或亏损的具体数额，我们缺乏确切信息。然而，正如详尽分析所揭示，自2014年至2018年城市集团全面接管以来，曼城向欧足联上报的薪酬总额比其内部财务记录高出8200万英镑。

In summary, over a span of nine years, Manchester City reported a pre-tax deficit of 452 million pounds. However, they turned a profit in the final four years. Yet, when accounting for a staggering 9.214 billion pounds in financial misstatements, along with an additional 82 million pounds in salary expenses, which were actually the responsibility of Manchester City but recorded under City Group, the club's actual deficit balloons to 1.455 billion pounds. This figure is striking, especially considering that during the same period, the cumulative profit of all other Premier League clubs over nine years was only 730 million pounds.