City earned £712.8m in the year ending 30 June, an increase of almost £100m compared to the previous year and far outstripping the £648.4m Premier League record set by Manchester United when its most recent results were announced last month.

City’s run to the Champions League final – where it beat Inter Milan 1-0 in June – contributed to total broadcast revenue of £299.4m, including £113.85m just from UEFA.

However, the club’s annual report mentioned the 115 charges issued against it by the Premier League in February under the ‘Risks and Uncertainties’ section.

“The board acknowledges that there are a number of risks and uncertainties which could have a material impact on the club’s performance,” the report stated.

As well as the Premier League charges, the performance of the first team and any future regulatory changes introduced by the Premier League, the Football Association, UEFA and FIFA were also cited as risks and uncertainties facing the club.

Introductory statements in the annual report from chairman Khaldoon Al Mubarak and chief executive Ferran Soriano made no reference to the charges.

“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?’," Khaldoon said.

“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.

“We will continue to question all the industry norms, we will evaluate our successes and learn from any failures. We will not be afraid to set new goals and develop new strategies that deliver for our club, its communities and stakeholders and especially for the fans.”

Matchday revenue was recorded at £71.9m, while profit from player trading was up to over £120m.

However, the club’s total payroll costs were just under £423m, up from just under £354m in 2022. That was despite head count dropping from 549 to 520.