Liverpool announced a pre-tax loss of £46 million ($64m) for the year that ended last May, with the COVID-19 crisis hitting clubs hard in the final quarter in particular, the defending Premier League champions said on Tuesday.

The latest financial results, including a drop in revenue of £43m to £490m, follow a pre-tax profit of £42m the previous year.

Media revenue dropped £59m to £202m due to the Premier League season extending outside of the reporting period, but that was partially offset by a £29m increase in commercial revenue.

Matchday revenue went down by £13m, as a result of four fewer Premier League home games, the club said in a statement.

“It does … begin to demonstrate the initial financial impact of the pandemic and the significant reductions in key revenue streams,” Liverpool managing director Andy Hughes said in a statement.

“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.”

The club said eight new partnerships announced in the reporting period and an increase in kit sales after their Premier League success resulted in an increase in commercial revenue.

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

“It’s no secret that supporters have been greatly missed at Anfield over the past year and we look forward to having them back.”

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