Manchester City posted net losses of 126 million pounds ($175 million) for the 2019-20 season after their finances took a huge hit from the COVID-19 pandemic, the Premier League club said on Tuesday.
Revenue dropped 11% to 478.4 million pounds during the 2019-20 campaign, which was halted in March and resumed behind closed doors three months later.
The losses were a result of a decline in matchday and broadcasting revenues, while the late finish to last season meant revenue from almost a quarter of Premier League matches and the latter stages of the Champions League and FA Cup would be deferred to next year’s accounts.
Revenues from player sales, such as Leroy Sane to Bayern Munich for a reported 45 million euros ($53 million), were also delayed and do not appear in the 2019-20 accounts.
But the club expects to post profits in 2020-21, given the deferred revenues and the subsiding impact of the pandemic.
“The 2019-20 accounts in isolation are not the best representation of the reality of the season,” chief executive Ferran Soriano said.
“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.”
In contrast, Chelsea recorded a profit of 32.5 million pounds in the last financial year, while north London rivals Arsenal reported a loss of 47.8 million pounds.