TOPSHOT - Manchester City's German midfielder #8 Ilkay Gundogan (C) lifts the European Cup trophy as they celebrate on the podium after winning the UEFA Champions League final football match between Inter Milan and Manchester City at the Ataturk Olympic Stadium in Istanbul, on June 10, 2023. (Photo by FRANCK FIFE / AFP) (Photo by FRANCK FIFE/AFP via Getty Images)
CNN  — 

Manchester City posted a Premier League record of £712.8 million ($888 million) in revenue for the 2022-23 season following the club’s historic Treble-winning success.

That figure surpasses the previous record of £648.4 million ($808 million) posted by Manchester United last month, while City also nearly doubled its profits from £41.7 million ($52M) in 2021-22 to £80.4 million ($100.3 million) last season, both club records.

In 2022-23, City became just the second English team after Manchester United in 1999 to win the Premier League, Champions League and FA Cup in the same season.

“In short, last season saw Manchester City achieve the greatest football and commercial year of its storied history,” club chairman Khaldoon Al Mubarak said in a statement as he reflected on City’s financial results in its annual report for the year ended June 30, 2023.

“In the aftermath of the UEFA Champions League win in Turkey and the completion of ‘The Treble’ the question I was asked most often, was ‘How do you top that?’

“The answer is by doubling down on the proven philosophies and practices that have brought us this success and to challenge ourselves to continue to constantly innovate in order to achieve new levels of performance both on and off the field.”

A general view as fans of Manchester City invade the pitch, as the LED Perimeter Board displays the message "Please Leave The Pitch Immediately", after the final whistle of the Premier League match between Manchester City and Chelsea FC at Etihad Stadium on May 21, 2023 in Manchester, England.

The club’s revenue was boosted by a £17.4 million ($21.7 million) increase in matchday revenue, increased broadcasting rights and a number of outgoing transfers, notably the sales of Raheem Sterling to Chelsea and Gabriel Jesus and Oleksandr Zinchenko to Arsenal.

Earlier this year, Deloitte reported that City had kept it “position at the top of the Money League and for the second time were the club to generate the highest revenue in world football.”

Nonetheless, City’s latest financial results come against the backdrop of the club having been accused by the Premier League earlier this year of breaching more than 100 financial rules, which includes failing to provide accurate financial information, failing to comply with UEFA’s financial fair play (FFP) regulations, and failing to follow Premier League rules on profit and sustainability.

“The Board acknowledges that there are a number of risks and uncertainties which could have a material impact on the Club’s performance,” said City on Wednesday.

The league referred Man City to an independent commission and the club said it was “surprised” by the issuing of the breaches, but “welcomes the review of this matter” by the commission.