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Tuesday 6 April 2021
The annual report of Manchester City Football Club revealed that the club achieved a net loss of 126 million pounds (175 million dollars) in the 2019/2020 season hit by the Corona virus.
Late income from matches, sale of players – which did not include player Leroy Sane’s move to Bayern Munich in the latest set of accounts – and season ticket refunds resulted in an 11 percent drop in revenue, the British news agency BAE said.
But Manchester City expects an immediate return to profits this season and a loss of less than 60 million pounds a year over the two seasons.
In his report, Khaldoun Al Mubarak, the club’s president, described the company as “fundamentally strong, with committed shareholders and substantial assets, built over a decade and over a century of history.”
He added: “Our long-term approach means that we are now not completely dependent on income streams that have been more vulnerable to continuous vulnerability due to the Corona pandemic.”
CEO Ferran Soriano said: “Clearly, isolated accounts of the 2019/2020 season are not the best presentation of the reality of the season, in light of the delay in the transfer process of players and the many matches that took place after June 30, 2020, the proceeds from them will be calculated in the period 2020/2021.” .
He added: “A better financial picture for Corona years will be presented at the end of the 2020/2021 season, when the two seasons will be merged and normalized.”
Manchester City is close to crowning the Premier League title for this season, while the team is in the final match of the League Cup, and has also reached the semi-finals of the FA Cup, in addition to its presence in the quarter-finals of the Champions League.