Owing to the coronavirus pandemic that rages across the globe, Manchester City have lost £126million in the last financial year. The Sky Blues’ overall revenue has sunk by 11% down to £478.4million, according to media reports.

However, the current Premier League leaders are confident that the heavy hit will not hinder their plans to strengthen the squad in the summer transfer window without any Financial Fair Play (FFP) complications, Manchester Evening News reported.

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City have also estimated that by 2022, the club will return to profitability as money from last year’s delayed Champions League, this season’s competition and the transfer fee for Leroy Sane make way into the club’s funds.

Every club has suffered, to a greater or lesser extent, and City have decided to bear the brunt of the hit over the first financial year of the pandemic, so they can get back to normal revenues next year.

The governing body of European football UEFA, initially, said it will loosen FFP rules this year, aware that every club in Europe has taken a serious dent to their finances.

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However, the body warned that they would frown on any club which took advantage of the relaxation of the rules by overextending their budget.

Meanwhile, City have budgeted for transfers in the coming summer window, and will not exceed the limits that have been imposed – but the fact that they expect a return to profitability next year means they will still be aiming to strengthen.