Manchester City Post £126 Million Loss, Expecting Profit In 2020-21
nglish Premier League (EPL) club Manchester City have posted a net loss of £126 million (AUD$227 million) loss for the COVID-19 impacted 2019-20 season.
With fans not attending matches from March 2020, the club cited its loss in matchday funds to be the main reason behind its overall 11% reduction in revenues, down to £478.4 million (AUD$863.5 million).
Other factors City included in the loss was the sale of German winger, Leroy Sane, to Bayern Munich for an initial £44.7 million (AUD$80.3 million) which did not appear in the 2019-20 accounts due to the sale going through in July, and reductions in broadcasting revenues.
Despite this, the club expects to “immediately return to profitability” in 2020-21, with City chief executive, Ferran Soriano citing the season before as one like no other.
“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 June 30, 2020, the revenues from which will be accounted in the 2020-21 period,” 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,” he said.
City said they have continued to meet its financial commitments despite problems cause by the COVID-19 pandemic.