Man City announce huge £126m loss for 2019/20 season
The loss is largely down to the impact of Covid
Manchester City have announced a net loss of £126m for the 2019/20 season.
The loss has been attributed to the financial impact of coronavirus, but the club insists it will suffer no long-term effects from the pandemic.
In total, City's revenue dropped by 11 per cent, largely explained by delayed income from fixtures and the refunding of fans' season tickets.
The money the club gained from the sale of Leroy Sane to Bayern Munich is also not included, with the winger completing his move to the European champions after the time in which their finances were looked at.
City expect an immediate return to profit next year with a loss of less than £60m a year anticipated for the two Covid-hit seasons.
Chairman Khaldoon Al-Mubarak said the business was "fundamentally strong, with committed shareholders and with significant assets, built carefully over a decade and upon more than a century of history.
"Our long-term approach has meant that we are now not wholly dependent on income streams that have been most vulnerable to the ongoing impact of Covid-19," he added.
CEO Ferran Soriano echoed this, saying: "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 30 June 2020, the revenues from which will be accounted in the 2020-21 period.
"A better financial picture of the Covid years will be provided at the end of the 2020-21 season, when the two seasons are combined and normalised."