Liverpool have posted pre-tax losses of £46 million in their latest accounts.
For the period ending May 31, 2020, the Premier League champions reported that media revenues fell by £59m in the first three months of the pandemic.
Match day revenues were also hit by £13m with the overall impact of the coronavirus shutdown estimated to have cost the Reds around £120m so far.
Due to games going behind closed doors for the final weeks of last season, Jurgen Klopp’s side played four less home games with full crowds present.
Overall revenues dropped to £490m, a drop of £43m on the previous year, while the losses were cushioned by eight new commercial sponsorship deals.
They included the arrival of Nike as the club’s new kit supplier and renewals of existing deals with existing partners such as Nivea and Carlsberg.
Andy Hughes, Liverpool’s managing director, said: “This financial reporting period was up to May 2020, so approaching a year ago now.
“It does, however, begin to demonstrate the initial financial impact of the pandemic and the significant reductions in key revenue streams.
“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.”