Premier League leaders Manchester City have reported a loss of £126m for the 2019-20 season which was disrupted by the coronavirus pandemic.
The club posted an 11% reduction in revenue to £478.4m but the figure does not include delayed income from player sales – including proceeds from Leroy Sane’s move to Bayern Munich.
City expect an immediate return to profit for the current season.
A total loss of less than £60m per year is forecast over the two campaigns.
Chairman Khaldoon Al Mubarak said the club is “fundamentally strong, with committed shareholders and with significant assets, built carefully over a decade and upon more than a century of history”.
“Our long-term approach has meant that we are now not wholly dependent on income streams that have been most vulnerable to the ongoing impact of Covid-19,” he added.
The Premier League season was postponed between March and June 2020 due to the pandemic, which has since prevented fans from attending games.
Chief executive 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 30 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.”
City, who are 14 points clear of closest Premier League challengers Manchester United, are competing for four trophies in the latter stages of the 2020-21 campaign.