City lose £126M in pandemic

MANCHESTER CITY made a net loss of £126million last season due to the impact of Covid-19.

The club’s annual financial report revealed the Premier League leaders saw delayed income from fixtures along with season ticket refunds result in an 11 per cent reduction in revenue at the Etihad.

But club bosses expect a return to profit for the current campaign and are forecasting a loss of less than £60m-a-year over the two terms.

Just last week manager Pep Guardiola claimed the club could not afford Erling Haaland – and would not be pursuing the £150m-rated Borussia Dortmund star.

But on the eve of his side’s Champions League showdown with Dortmund last night, he contradicted himself and insisted City could join the race to land Haaland if the price was right.

City chairman Khaldoon Al Mubarak insists the club business is “fundamentally strong, with committed shareholders and with significant assets, built carefully over a decade and upon more than a century of history.”

He said: “Our long-term approach has meant we are now not wholly dependent on income streams that have been most vulnerable to the ongoing impact of Covid-19.”

Chief executive officer Ferran Soriano (above right with Al Mubarak) added: “The 2019-20 accounts are not the best representation of the reality of the season, with delayed player trading and numerous games being played after 30th June 2020, the revenues from which will be accounted in the 2020-21 period.”