Manchester United and Liverpool are expected to be the biggest losers due to the pandemic this year. While the massive loss of income is terrible for clubs across the world, it makes sense that the two most popular clubs in the UK stand to lose the most due to a combination of games being played without fans, along with a decline in TV revenue and retail sales.

However, does this mean that Manchester United and Liverpool will actually materially suffer the most from this income loss? Not necessarily.

Liverpool’s problems

We’ll focus on Liverpool for this piece as they are the reigning Premier League champions and should be enjoying the financial fruits of their labor. Normally, the Premier League champion is in line for about £150 million, but Liverpool won’t see nearly as much of that this season due to the loss of revenue across the rest of their business.

The talk all summer was about Liverpool’s ownership, Fenway Sports Group, and their seeming unwillingness to spend any money in the transfer window. Up until last week, the only transfer that had been made was for backup LB Kostas Tsimikas. Meanwhile, Chelsea was spending hundreds of millions on the combination of Timo Werner, Kai Havertz, Hakim Ziyech and others. To Liverpool fans, it seemed that FSG were sitting back and counting their profit from winning the title, instead of re-investing into a squad whose core players are nearing their 30s.