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Premier League leaders Manchester City blamed a £126 million ($175 million) net loss last season on a series of factors caused by the coronavirus pandemic.
City’s revenue for the year to the end of June 2020 fell 11 per cent to £478.4 million, with the Premier League and Champions League finishing after the accounting period.
Delayed income from the postponed fixtures, including broadcast earnings, and player sales will show up in next year’s figures.
“Clearly, the 2019/20 accounts in isolation are not the best representation of the reality of the season with delayed player trading and numerous games being played after 30th June 2020, the revenues from which will be accounted in the 2020/21 period,” said City CEO Ferran Soriano.
The coronavirus pandemic has given Man City a huge financial loss | ANTHONY DEVLIN/Getty Images
Manchester City have announced a net loss of £126m for the 2019/20 season as a result of a significant drop in revenue during the coronavirus pandemic, although the club insist they will quickly return to being profitable next season and beyond.
City’s overall revenue for last season fell by a substantial 11% to £478.4m, having been £535m in 2018/19, which means that close to £60m was shaved off the club’s annual income in 12 months.
Man City expect to return to profit in 2020/21 | Visionhaus/Getty Images
The enforced three-month delay for the 2019/20 season meant that a number of games in the Premier League, FA Cup and Champions League were played after the official end of the season on 30 June, meaning any broadcast revenue or other income from those games don’t feature in the accounts and are deferred until the 2020/21 accounts instead.
Man City announce large net loss due to coronavirus pandemic
Date published: Tuesday 6th April 2021 5:54 - Robert McCarthy
Manchester City have reported a net loss of £126million for the 2019-20 season as a result of the coronavirus pandemic.
The
Premier League leaders saw revenue fall by more than £56.8m to £478.4m as football’s shutdown as a result of Covid-19 delayed income streams, an annual report for the year ended June 30, 2020 has revealed.
However the club, which won the League Cup and finished runners-up to Liverpool in the Premier League last season, remains confident of a swift return to profitability during the current campaign and is forecasting losses of less than £60m a year over the 24-month period.
Man City blame coronavirus for £126 million loss
Issued on:
06/04/2021 - 17:46 Manchester City posted a £126 million loss for the 12 months to June 30, 2020 Nick Potts POOL/AFP 2 min
London (AFP)
Premier League leaders Manchester City blamed a £126 million ($175 million) net loss last season on a series of factors caused by the coronavirus pandemic.
City s revenue for the year to the end of June 2020 fell 11 percent to £478.4 million, with the Premier League and Champions League finishing after the accounting period.
Delayed income from the postponed fixtures, including broadcast earnings, and player sales will show up in next year s figures. Clearly, the 2019/20 accounts in isolation are not the best representation of the reality of the season with delayed player trading and numerous games being played after 30th June 2020, the revenues from which will be accounted in the 2020/21 period, said City CEO Ferran Soriano.
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