Manchester City Football Club has released its annual report for 2019-20 “covering an unprecedented season that was paused between March and June, and then completed in the 2020-21 financial year, as a result of the global pandemic.”
Man City reported a net loss of £126 million for the 2019-20 season.
The club reported an 11% reduction in revenues to £478.4 million “primarily caused by revenue delays relating to just under a quarter of Premier League matches and the latter stages of the UCL and FA Cup.”
Man City CEO Ferran Soriano said: “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.
“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.”
Significant revenues from player sales such as Leroy Sane to Bayern Munich were delayed by the pandemic and do not appear in the 2019-20 accounts.
“Ticket and all stadium related sales ceased, season cards were refunded, and broadcasting revenues were reduced following rebates given by the Premier League to broadcasters,” said the club.
“At the same time the club continued to meet its full financial commitments, in addition to providing support to staff and the local community.
“The result of these extraordinary pandemic factors is a reported net loss of £126.0m for the 2019-20 season.
“However, the club expects to immediately return to profitability in 2020-21, as a result of a less Covid impacted season and deferred 2019-20 revenues.
“The likely normalised losses for each of the 2019-20 and 2020-21 seasons will therefore be less than £60m per year.”