Wolverhampton Wanderers announce losses of almost £40m

Wolves have posted a loss of almost £40million as the Covid-19 pandemic continues to hit clubs.

The Premier League side confirmed a £39.3m loss to the year ending May 31, 2020, following a £19m profit 12 months earlier.

Revenue reduced to £132.6m from £172.5m in 2019 as a result of the club having to play behind closed doors, losing broadcast money due to rebates and closing some commercial operations.

A club statement read: "In an unprecedented moment for football and society, the Premier League and Europa League were halted by the Covid-19 pandemic, resulting in a number of matches taking place behind closed doors for safety reasons, and causing permanent losses to matchday revenues, such as ticketing, corporate hospitality, catering and sponsorship.

"It is important to note that, had broadcast revenues from suspended matchdays not been deferred, the club would have achieved a profit of £17.6m for the year, even with the permanent loss of matchday revenues for the final five home games of the season."

All revenue after the Premier League's restart last June and the resumption of the Europa League in August will be reflected in next year's financial results.