Manchester City's financial might is laid bare in fresh analysis showing the club generates more than 70 per cent of City Football Group's revenue.
The figure comes from The Athletic, which has examined the wider multi-club operation. CFG has grown considerably since its formation in 2013, but the Blues remain its commercial engine.
That reliance is underlined by CFG's latest accounts. They recorded a £292million pre-tax loss, a sharp rise on the previous year.
City's own 2024-25 accounts paint a different picture. Revenue stood at £694.1m, with a pre-tax loss of just £9.9m.
More than £1.9billion has been injected into CFG and converted into shares since 2013, according to The Athletic. Sheikh Mansour's Newton Investment and Development company recently purchased around £100m of new shares.
The financial backdrop is complicated by September's independent commission ruling. City were found guilty of serious breaches of Premier League financial rules. The club have consistently denied wrongdoing and have appealed against the judgment.
For now, the numbers tell their own story. City's revenue stream is the tide that keeps the CFG ship afloat — and the £292m loss is a reminder that even the strongest currents can't mask every leak.