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 expect 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.
Chairman Khaldoon Al Mubarak said the club is "fundamentally strong...
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