City release Annual Report for 2019-20
By Ric Turner, Wed 07 April 2021 14:57
Overall revenue down 11% as a result of Covid pandemic
City released their Annual Report for 2019-20 yesterday which, as expected, saw a reduction in revenues as a result of the Covid pandemic.
Overall revenue was down 11% to £478.4m, primarily caused by delayed income from fixtures and player sales, resulting in a net loss of £126m.
However, the club expect an immediate return to profit in their accounts for the current campaign and predict their losses over the two seasons to be closer to £60m.
"The 2019-20 accounts in isolation are not the best representation of the reality of the season," chief executive Ferran 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."
Chairman Khaldoon Al Mubarak added: "[We have] a business that 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."