24直播网 10月09日讯 The Athletic足球经济评论员Chris Weatherspoon在近文中深入剖析了曼城的经济盈利，指出其实际经济状况远逊于公开财报所揭示。自2011-12赛季首登欧冠舞台后，蓝月亮始终未缺席任何一届赛事。截至今年，其经济数据持续引发外界对其财务健康的担忧。

10月9日，24直播网报道，足球财经专家Chris Weatherspoon在The Athletic平台上撰写文章，深入剖析了曼城公司的财务表现。文章中揭示的众多指标显示，曼城的实际财务状况远比公开报告的更为严峻。

Since their debut in the UEFA Champions League during the 2011-12 season, Manchester City has consistently remained a participant, never missing a single tournament. Over the course of the following seven seasons up to 2018, the club has amassed an impressive total of 277 million pounds in prize money from European competitions, a figure that places them at the forefront of all English clubs and just behind five overseas giants across the continent.

By the conclusion of the 2017-18 season, Manchester City's broadcasting revenue soared past 200 million pounds, a feat entirely attributed to their exceptional on-field achievements. In stark contrast, Everton, who were in a fierce battle for rankings with Manchester City when the latter was acquired, 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实其与阿布扎比的赞助关联估值符合规定，然而，与同行业其他俱乐部的横向比较来看，这些资金仍显得异常庞大。在2017-18赛季，曼城通过其阿布扎比关联企业所获得的商业收益达到了1.46亿英镑，这一数额占其商业总收入的比例为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所获得收入的显著提升。

Since 2009, Etihad Airways has consistently held the prime spot on the front of Manchester City's jersey, yet the sponsor above it has undergone several transformations. In 2013, when Umbro's annual sponsorship deal worth 6 million pounds came to an end, Nike stepped in and doubled the sponsorship fee. A report released by UEFA post-2024 revealed that during the 2013-14 season, Manchester City secured a sponsorship payment of 15 million euros from Nike.

尽管球衣赞助的收益对于曼城而言已增至两倍，但在2014年的排名中，这一收益仅位列第18位（若将所有商品销售额纳入考量，其排名可能更加靠后），与拜仁相比，其球衣和周边产品的销售额少了近10亿英镑，与皇马相比差距更是高达6500万英镑，而且这一数字仅是曼联的五分之一。尽管球衣赞助的收益并不显著，曼城在2013-14赛季的商业总收益依然位居全球第五。

在对比中，利物浦的球衣收入在当赛季领先曼城4000万英镑，然而，其商业总收益却落后于曼城超过6000万英镑。这一差距表明，曼城在球衣以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，曼城凭借阿布扎比赞助商的支持，获得了高达1.275亿英镑的赞助，并在英超联赛中击败利物浦，夺得了冠军头衔。

在2019年，曼城与耐克的赞助关系告一段落，转而与彪马建立了新的合作关系，这一转变伴随着赞助费用的显著提升。早在2025年7月，双方签订了一份价值高达1亿英镑的年度赞助协议之前，赞助费用已经明显增加，这一变化凸显出曼城之前所获得的赞助金额远低于同行业其他俱乐部。在2024-25赛季，曼城从球衣赞助中获得的收入达到了7140万英镑，这一数字仅仅是曼联的一半。

尽管在战绩和商业运营等多个层面，曼城已显著领先曼联，但在球衣和周边产品的总销售额上，仍有超过10家俱乐部位居曼城之上。近期，曼城在商业收入增长方面遭遇了停滞，与此同时，皇马、巴萨等顶级俱乐部却保持了强劲的增长势头。

During the era when no deficit restrictions were in place, Manchester City, under the ownership of the Abu Dhabi group, reported a substantial deficit of £93 million in their first season. However, following a nadir of £197 million in losses during the 2010-11 season, the club's financial health took a marked turn for the better with the full implementation of UEFA's Financial Fair Play (FFP) regulations in the 2012-13 campaign. By the 2014-15 season, the club had successfully turned a profit.

在2024-25赛季，曼城遭遇了1000万英镑的净亏损，这是该俱乐部自2013年以来首次未能实现盈利，而前一次亏损则是在疫情爆发期间。然而，若将8.552亿英镑的虚报收入从计算中剔除，曼城的实际财务状况将显得更加严峻。据此，原本的1.97亿英镑亏损将增至2.26亿英镑，而2012-13赛季中，曼城表面上亏损4700万英镑，实则亏损高达1.82亿英镑。

In January 2013, the establishment of City Football Group (CFG) led to a significant shift in financial practices, notably the removal of substantial expenditures, predominantly employee salaries tied to Manchester City's operations but paid by the group, from the club's individual financial records. Even without the financial misreporting issues brought to light by the recent legal proceedings, it has been evident that the true pre-tax performance of Manchester City has consistently been less favorable than the figures reflected in the club's standalone financial statements.

在对比欧足联规定的财务报告与俱乐部公布的财务报表时，显而易见的是，俱乐部的业绩报告与欧足联的数据相差甚远。具体来看，曼城在2019、2022、2024以及2025这四个财年期间，其财务报表上所显示的净利润总计达到了1.16亿英镑。然而，根据欧足联的评估，同期内曼城的真实盈利情况却是净亏损1.26亿英镑，这一差额达到了2.42亿英镑。

在2009至2018赛季的跨度内，具体到曼城向欧洲足球联合会报告的最终盈利与亏损的具体数额，信息并未对外公开。然而，通过深入分析，我们发现了一个引人注目的现象：在2014至2018年间，曼城上报给欧足联的薪酬支出较其内部财务记录显示的数字高出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 factoring in a substantial financial misstatement of 9.214 billion pounds and an additional 82 million pounds in salary expenses, which were incorrectly attributed to the City Group but should have been borne by Manchester City, the actual deficit balloons to a staggering 1.455 billion pounds. This figure is particularly alarming when compared to the cumulative profit of all other Premier League clubs over the same period, which was a mere 730 million pounds.