Premier League leaders Manchester City have reported a loss of £126m for the 2019-20 season which was disrupted by the coronavirus pandemic.
The club posted an 11% reduction in revenue to £478.4m but the figure does not include delayed income from player sales – including proceeds from Leroy Sane’s move to Bayern Munich.
City expects an immediate return to profit for the current season.
A total loss of less than £60m per year is forecast over the two campaigns.
For Financial Fair Play purposes, the financial results of football clubs for 2019-20 and 2020-21 are to be combined into one year.
The Premier League season was postponed between March and June 2020 due to the pandemic, which has since prevented fans from attending games.
City, who are 14 points clear of closest Premier League challengers Manchester United, are competing for four trophies in the latter stages of the 2020-21 campaign.