Man City suffer £126m loss in pandemic-affected season
Manchester City, the English Premier League soccer giants, have become the latest club to reveal the financial effects of the coronavirus pandemic after posting a £126 million ($174.2 million) loss for the 2019-20 season.
The club’s revenue fell by 11 per cent to £478.4 million in the previous campaign, which was halted in March last year and resumed behind closed doors three months later.
This represents a significant drop from the £535.2 million turnover generated in 2018-19.
The losses were primarily as a result of a decrease in matchday and broadcasting revenues.
The late finish to the 2019-20 season meant income from almost a quarter of Premier League matches and the latter stages of the Uefa Champions League and FA Cup would be deferred to the 2020-21 accounts.
Manchester City expect to return to a profit in the current financial year.
Last year, the club did enjoy a rise in commercial revenue, from £227 million to £246.3 million.
Last season marked the first of a 10-year kit deal with major German sportswear firm Puma worth a total of £650 million.
Broadcast revenue from Uefa stood at £67.3 million, while rights fee income from domestic competitions such as the Premier League and FA Cup came to £123 million.
Matchday revenue totalled £41.7 million.
Ferran Soriano, Manchester City’s chief executive, said: "The 2019-20 accounts in isolation are not the best representation of the reality of the season. A better financial picture of the Covid-19 years will be provided at the end of the 2020-21 season when the two seasons are combined and normalised."