Manchester City have acknowledged the Premier League charges facing them risk having a “material impact” on the club, as they posted a league-record revenue figure of over £700million.

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

City’s run to the Champions League final – where they beat Inter Milan 1-0 in June – contributed to total broadcast revenue of £341.4m, including £113.85m just from UEFA.

However, the club’s annual report mentioned the 115 charges issued against them 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.

Khaldoon said: “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.

“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.

Manchester City chairman Khaldoon Al Mubarak has promised to give some “very blunt views” on the Premier League charges facing the club in due course.

City were charged in February with more than 100 breaches of the competition’s financial fair play regulations dating back to 2009.

The club could face a points deduction or even expulsion from the competition if found guilty but City have vociferously denied any wrongdoing and vowed to fight their case. It is unclear how long this process will take with some suggestions proceedings could run for several more years.

Speaking in his annual end-of-season interview with the club’s media channels, Khaldoon said: “So obviously I can’t talk about them (the charges), unfortunately, for legal reasons.

“What I would typically always do is comment after, so I think we’re going to go through the legal process.

“These are proceedings that take whatever time they take and when we’re done, we’ll have a conversation. I’ll give you my very blunt views, I promise you that.

“I have very strong views on that, but I am going to be unfortunately very restrained today.”

City went on to win the treble last season. They overhauled Arsenal to claim a fifth Premier League title in six years, followed up by winning the FA Cup and then beat Inter Milan in the Champions League final.

Off the field the club have also grown, recording record revenue last year.

To many critics of the club, which is supported by the vast wealth of owner Sheikh Mansour, the Premier League charges cast a shadow over their success.

Khaldoon feels these people are judging the club too quickly without checking all the facts.

He said: “It’s very frustrating because it takes so much from the great work that’s happening at this club and it’s happening not just on the football pitch.

“What these players have achieved this year, the treble, is incredible. I hope people focus and judge them for their football and what they’re achieving on the pitch and what they’re achieving in every competition they’re in.

“The club as a whole is very well run. Today, the value of this group is over six billion dollars. We’ve created so much value – we’ve brought in world-class investors. Why? Because we have a commercial machine here that is one of the best in the world.

“We’re the number one football brand in the world. The club generates a tremendous revenue.

“People will throw at us ‘the biggest spenders’, ‘you have the biggest squad’. I wish people can just pause and ask the question, and get the facts and then comment.”

In terms of on-field achievements, winning the Champions League for the first time this year fulfilled a long-held ambition.

Khaldoon said: “With the Champions League, we’ve tried so hard for so many years. Then to finally, finally do it – it’s relief, it’s happiness, but it’s really more relief. We finally have that trophy right here.”

Khaldoon added that City’s consistency in the Premier League was the record of which he is “most proud” and the club are targeting more trophies.

“You always can top it,” he said. “I can see how it does get better. It always can get better.”

Khaldoon also paid tribute to captain Ilkay Gundogan and hopes the German stays at the club.

Gundogan played a key role in the run-in but is out of contract this summer.

Khaldoon said: “When you need him in the big games, he’s always there, and I hope there’s more chapters to that legacy. Obviously, Ilkay has to make big life decisions for him.”