Liverpool reports losses of $64M as pandemic takes effect

Hey there, time traveller!
This article was published 27/04/2021 (1984 days ago), so information in it may no longer be current.

LIVERPOOL, England – Liverpool reported a pre-tax loss of 46 million pounds ($64 million) for the last financial year, mainly because of the impact the coronavirus outbreak had on the English champion’s media revenue and matchday income.

The losses for the financial year ending May 2020, a period covering the first three months of the pandemic when the Premier League was suspended, equated to a negative swing of 88 million pounds ($122 million) from Liverpool’s position a year ago.

Media income dropped by 59 million pounds ($82 million) and the four fewer Premier League home games during this period saw matchday revenue decrease by 13 million pounds ($18 million).

Commercial revenue rose by 29 million pounds ($40 million) to 217 million pounds ($300 million) on the back of eight new partnerships being announced.

In March 2020, Liverpool announced a profit of 42 million pounds ($58 million), the fifth time in the previous six years the club had been in the black under its American ownership, Fenway Sports Group.

“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,” Liverpool managing director Andy Hughes said. “We can now look ahead to the conclusion of this season and hopefully a more normal start to next season.”

FSG, which has been heavily criticized by Liverpool fans for its involvement in helping to form the ill-fated European Super League, sold a 10% share of its business to private investment firm RedBird Capital for 543 million pounds ($750 million) last month.

___

More AP sports: https://apnews.com/apf-sports and https://twitter.com/AP_Sports