Breaking NewsInternational NewsSports

Liverpool report £46 million pre-tax loss amid Covid-19 pandemic

0
Liverpool

Liverpool’s accounts for the 2019/20 season have been released, revealing a £46 million loss amid the Covid-19 crisis which has paralyzed world sports.

Last season, Liverpool won their first Premier League title, accumulating 99 points, the second-most in the league’s history.

But funds gained from their win have not been enough to curb the impact of the Covid-19 crisis as most games were played behind closed doors, severely reducing matchday and media revenue.

In March 2020, Liverpool announced a profit of £42 million, but that surplus was wiped out after last season was suspended in March and then restarted behind closed doors.

Liverpool’s media revenue decreased by £59m during the first three months of the pandemic, while their matchday revenue suffered a drop of £13m. Overall, their income decreased by £43m, leading to a pre-tax loss of £46m.

However, the club managed to boost their commercial revenue by £29m as a result of new partnership deals being signed, renewals with Nivea and Carlsberg, record sales of the club’s Nike kit, and new retail stores in Singapore, Vietnam, and Thailand.

The pandemic fallout convinced Liverpool’s owners Fenway Sports Group to sell a 10 percent share in the club last month for £543 million to private investment firm RedBird Capital.

Liverpool reportedly estimates that they will have suffered a financial hit of around £120 million by the time supporters are allowed back into matches.

As the Presidency hogwashes Pantami, Ohaneze warns on Igbo youths

Previous article

Boko Haram imposes VAT, income tax on residents in Shiroro, Niger State

Next article

You may also like

Comments

Leave a Reply