Manchester City had big ambitions in Europe after winning the Champions League but look set to fall well short again.
Manchester City bosses were determined to make their Champions League victory in 2023 a beginning rather than an ending. Talks with Pep Guardiola in Abu Dhabi concluded that while their Istanbul triumph had completed their collection of trophies, the ambition was to use it as a springboard for more European success: having bent English football to their will, why not the whole continent?
It was a team on the wane though, and while they were still good enough the following year to make history with a record fourth English league title, they lost at home to Real Madrid in the Champions League quarter-final to miss out on the opportunity to move towards a third final in four years. It wasn’t disastrous, but what has followed since has been.
The expansion of the tournament to include more teams and more games is supposed to make more money for teams, and part of the money being weighted towards the UEFA coefficient (aka performances over recent years in Europe) and TV money depending on national splits put City in an even stronger position. Their performance on the pitch, however, saw them waste that advantage last year and the same appears true for this season.
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Having claimed around £116m in prize money for winning the Champions League in 2023, City took home just £65m last year. Their payment for ‘value’ to the competition was second only to eventual winners PSG, but an awful performance in the group stage was followed up by an exit at the hands of Real in the play-off to mean they only mustered £10.7m for performance – a third of what Liverpool got for lasting just one more round and even less than Celtic.
An improvement this season meant they claimed around £71.6m from the group stage alone and will be rewarded for a top-eight finish as well as participation in the last-16. But as they stare at another last-16 exit with a 3-0 deficit heading into their second leg with Real, City face losing out on considerable sums again.
UEFA hand out €12.5m to any team reaching the quarter-finals, €15m more for semi-finalists, €18m more for making the final and an extra €6.5m for winning the competition. That is an extra £44.9m (€52m) alone that will add to the reputational pain of another early exit from a club that expects so much more.
City announced a loss of £9.9m in their annual report that was published recently and there are a lot of transfer arrivals that will be added to that over the next financial year. Some of that can be offset by player sales but the lack of extra Champions League revenue will hit City’s books; it is no coincidence that their greatest years for revenue came when they won the most.
There is nothing that can be done now, just as there is little that can change about drawing Real every year. However, barring a miracle next week at the Etihad, the consequences for City’s poor performance in Europe will go well beyond not meeting their personal ambitions.


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