The group turnover figure increased to £434.9m from £407.4m the previous year driven by the Club’s Champions League success and due to amounts being carried forward from the extension of the 2019/20 season in to the 2020/21 financial year.

The Covid-19 pandemic had a severe impact on the Club’s ability to generate revenues in the year. Had it not been for the impact of the pandemic on matchday, broadcasting and commercial income, this year would have probably seen the Club break the £500m turnover level for the first time. The impact on revenues contributed to the Group recording a loss of £153.4m for the year ended 30 June 2021.

The only revenue stream that has shown a year-on-year increase is broadcasting revenue which has increased from £182.5m to £273.6m. This increase was driven by the Club’s Champions League success but also due to the late finish of the 2019/20 Premier League season in July 2020, amounts were carried forward from the 2019/20 season, as domestic and European broadcasting revenue is recognised at the time the matches are played. Such increases were then offset by rebates payable to both domestic and European broadcasters.

Both matchday revenue of £7.7m (2019/20 - £54.5m) and commercial revenue of £153.6m (2019/20 - £170.4m) have been impacted by the Covid-19 pandemic which resulted in the majority of matches in the 2020/21 Premier League season taking place behind closed doors.

The impact of Covid-19 on revenue was partially offset by reduced matchday costs due to matches taking place behind closed doors throughout the year. The Club elected not to make use of the government job retention scheme throughout the 2020/21 financial year.

The Club invested £220.8m in the playing squad during the 2020/21 financial year, including existing player contract renegotiations.

The Club continues to comply with UEFA’s break-even criteria under the Financial Fair Play (FFP) regulations.Chairman Bruce Buck said: ‘The pandemic has had a severe impact on the Club’s income for a second year in a row. Significant revenue was lost due to the majority of matches being played behind closed doors, however, with our success in the Champions League, we have been able to offset the huge impact of the Pandemic on our revenues. Had it not been for the matchday impact of the Pandemic, we are confident we would have achieved record turnover this year.

'Throughout this period we have continued to receive the full commitment and support of the owner across the entire business allowing us to continue to invest in our playing squad during this period. This is, of course, while working within the regulatory framework and constraints with which we must operate.'The strength, stability and long-term approach of our financial operation means our revenue streams remain strong, however, COVID-19 will continue to have an impact going into the next financial year as our commercial operations resume normal activities.’