City Football Group (CFG), the global leader in football multi-club ownership, has reported a 9% decrease in revenue for the 2024-2025 season. The conglomerate recorded revenue of £888 million (€1.025 billion), a shift primarily driven by the forced reduction of its stake in Girona FC.
The UEFA Conflict of Interest
The reduction in CFG’s portfolio was mandated by UEFA to avoid a conflict of interest, as both Girona FC and Manchester City qualified for the UEFA Champions League. To comply with regulations, CFG transferred its 47.85% stake in the Catalan club to an independent trust, effectively removing the entity from its consolidated accounts for the season.
Had Girona FC remained under the CFG umbrella, the group’s revenue would have reached approximately £977.1 million (€1.128 billion), representing an 11.9% increase compared to the previous fiscal year. With the club’s participation in the Champions League concluded, CFG initiated the process to consolidate its stake in Girona FC once again as of July 1.
Girona FC’s Record-Breaking Season
Despite the separation from the group’s financial report, Girona FC enjoyed a historic campaign. The club quintupled its profits in 2024-2025, reaching €16.49 million, compared to €2.99 million the previous year.
Key financial highlights for Girona FC included:
- Broadcasting Rights: €85.8 million.
- Player Transfers: €48.6 million.
- Advertising & Sponsorship: €12.6 million.
- Champions League Revenue: €110.9 million.
Group Valuation and Strategy
City Football Group, controlled by Mansour bin Zayed, continues to hold a dominant position in world football, owning over a dozen clubs including Manchester City FC and New York City FC. In August 2024, the group secured a capital injection of £210.05 million (€249.5 million) from Abu Dhabi Investment Group and Silver Lake, pushing the group’s valuation to £5.675 billion (€6.742 billion).
While the group remains focused on expansion, it has also shown agility in its portfolio management, notably divesting its stake in Mumbai City FC in December 2025.