Previously, loans have been taken out to aid cashflow at the club with those Premier League central payments, a major source of the club’s income, coming intermittently.

The timing of the latest loan could be to help the club as they build for the summer transfer window, with no signings yet made.

City have taken loans from Macquarie for the best part of a decade now, usually secured against Premier League central funds, but also occasionally to receive owed transfer fees up front.

The club often negotiate sales to be paid in instalments, but then use Macquarie to get the full fee immediately.

It’s something they have done in all of their big outgoing transfers over the past few years, most recently with Kiernan Dewsbury-Hall’s £30m switch to Chelsea last summer.

The club often negotiate sales to be paid in instalments, but then use Macquarie to get the full fee immediately.

It’s something they have done in all of their big outgoing transfers over the past few years, most recently with Kiernan Dewsbury-Hall’s £30m switch to Chelsea last summer.

This week’s loan is their second taken out this year, City also using Macquarie in January, again secured against Premier League payments until June 2028.

Now City are in the Championship, broadcast and sponsorship revenue will drop sharply. In their last Championship campaign, the club’s turnover was down £72m on the relegation season the year before.

For their part in last season’s Premier League, City will receive an estimated £117m as part of their share of the broadcast deal.

This week’s loan is their second taken out this year, City also using Macquarie in January, again secured against Premier League payments until June 2028.

Now City are in the Championship, broadcast and sponsorship revenue will drop sharply. In their last Championship campaign, the club’s turnover was down £72m on the relegation season the year before.

For their part in last season’s Premier League, City will receive an estimated £117m as part of their share of the broadcast deal.