Liverpool suffers £46 million pre-tax loss for the financial year ending May 2020. The figure suggests why the club’s owners were prepared to join the failed European Super League plan.
Liverpool revealed the financial impact of the coronavirus pandemic after pulling out of the controversial Super League following a furious public backlash last week.
Liverpool announced a profit of £42 million in March 2020. But after the outbreak of the Corona Virus, fans were restricted to the stadium. The loss of significant media revenue and match-day income at Anfield swung the situation. Though the commercial revenue rose by £29 million to £217 million, it cannot compensate the media revenue dropping by £59 million to £202 million, and matchday revenue was down £13 million to £71 million.
Liverpool managing director Andy Hughes said, “This financial reporting period was up to May 2020 so approaching a year ago now.”
“It does, however, begin to demonstrate the initial financial impact of the pandemic and the significant reductions in key revenue streams.”
“We were in a solid financial position prior to the pandemic and since this reporting period, we have continued to manage our costs effectively and navigate our way through such an unprecedented period.”
“We can now look ahead to the conclusion of this season and hopefully a more normal start to next season.”- he added.
