Manchester City’s Belgian midfielder Kevin De Bruyne (3R) celebrates scoring the opening goal during the UEFA Champions League First Leg Quarter Final soccer match between Manchester City and Borussia Dortmund at the Etihad Stadium in Manchester, North- West of England, April 6, 2021 (Photo by Paul ELLIS / AFP)

Premier League leaders Manchester City blamed a net loss of £ 126million ($ 175million) last season on a series of factors caused by the coronavirus pandemic.

City’s income for the year through the end of June 2020 fell 11% to £ 478.4million, with the Premier League and Champions League ending after the accounting period.

Delayed revenue from postponed fixtures, including broadcast revenue and player sales, will show up in next year’s numbers.

“Obviously, the 2019/20 accounts taken in isolation are not the best representation of the reality of the season with delayed player exchanges and many games played after June 30, 2020, the revenues of which will be counted in the 2020 period. / 21 “, said city CEO Ferran Soriano.

“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 normalized.”

Despite an entire season behind closed doors, City said that “the club expect to immediately return to profitability in 2020/21, thanks to a season less impacted by Covid and deferred 2019/20 income”.

A £ 13.3million drop in revenue for the day was more than offset by a nearly £ 20million increase in business revenue thanks in large part to a new kits sponsorship deal with Puma. Salary costs at the club have reached £ 351million.

“Our long-term approach means that we are no longer entirely dependent on the income streams that have been most vulnerable to the continued impact of Covid-19,” said President Khaldoon Al Mubarak.

“(We have) a fundamentally strong company, with committed shareholders and significant assets, carefully built over a decade and over a century of history.”

On the pitch, City remains on track for a historic quadruple.

Pep Guardiola’s men are 14 points clear at the top of the Premier League, host Borussia Dortmund in the first leg of their Champions League quarter-final on Tuesday, face Tottenham in the League Cup final later this month and will face Chelsea in the FA Cup final four.

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