Liverpool have announced pre-tax losses of £46million for the financial year ending on May 31, 2020.
The Reds also revealed their overall revenue for the period stood at £490m – down £43m on the previous year.
Understandably the club's matchday revenue took a hit of £13m due to having four home matches take place without the presence of fans, due to the outbreak of the coronavirus pandemic.
Media revenue also fell by £59m with a club statement attributing the drop to the Premier League season finishing later than had been expected in July, which fell outside of the financial year.
One positive was a boost in commercial income to the tune of £29m, taking their total amount for that sector to £217m.
Liverpool also retained long-term partnerships with the likes of Nivea and Carlsberg, while forging eight new ones, including with Cadbury and Iugis.
Andy Hughes, LFC’s managing director, told the club's official website : “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."
Hughes praised the club's work in helping the local community during the pandemic, as well as recently offering the use of Anfield as a "mass testing centre and now a vaccination hub".
He added: “We can now look ahead to the conclusion of this season and hopefully a more normal start to next season. It’s no secret that supporters have been greatly missed at Anfield over the past year and we look forward to having them back.”
The announcement comes just a week after Liverpool's owners Fenway Sports Group (FSG) confirmed plans to join a breakaway European Super League, before performing a U-turn just 48 hours later following a backlash from fans.
It is reported the move would have pocketed the club a share of £3.5billion split between the 15 founding members of the division.
Despite a difficult season in terms of on-field performance, Liverpool continue to make great strides away from the pitch.
Their social media following has grown by 22m new followers – a gain of 32% – and they have an impressive presence on YouTube.
In addition, the club have expanded the retail arm of the business, adding new stores in parts of Asia, while their Premier League-winning home kit achieved record sales.
Since then they have swapped kit manufacturers New Balance for sportswear giants Nike in a move which the owners feel will prove more lucrative in the long run.
FSG also announced a deal last month with investment firm RedBird Capital who have acquired a 10% stake in their business in exchange for $735m – a development which sees NBA basketball star Lebron James increase his own share in the company and become part of the ownership group.
It is hoped the deal will help ease the financial pressures resulting from the coronavirus and also provide funds for the club to press forward with their proposed upgrade of the Anfield Road stand, as well as to invest in transfers this summer.
Liverpool kept their spending to a minimum in the last transfer window despite recruiting three new players; structuring deals for Diogo Jota and Thiago Alcantara so there was a minimal initial outlay, while offsetting the cost of signing Kostas Tsimikas with the sale of Dejan Lovren.
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