Bristol City have announced a pre-tax loss of £38.4million for the 2020-21 financial year.

The figures reflect a season decimated by Covid-19, with games played behind closed doors and resulting in ticketing revenue reducing by £4.1m from the previous year.

The pandemic also impacted the transfer market, with the club reporting the sale of players was down £19.4m and nationwide lockdowns also meant non-matchday revenue generated from Ashton Gate was significantly reduced.

In a statement on Bristol City’s website, chief executive officer Richard Gould said: “The financial impact of Covid has resulted in extremely serious losses for the last year.

“Operating without crowds for a whole season has not only had a huge negative effect on revenue but has also resulted in crashing the transfer market and player trading, upon which we have been heavily reliant.

“We remain ever thankful for the support of the Lansdown family, particularly as we feel the financial effects of Covid.

“We are obviously very conscious of the impact this loss will have on compliance with the EFL’s Profitability and Sustainability Rules and we continue to work through this, including the dispensation for losses occurred as a result of Covid.”

Bristol City Holdings Limited made a pre-tax loss of £10.1m in 2019-20.