LIVERPOOL, England (AP) — Despite posting a fiscal-year loss for a second consecutive season, Liverpool said Friday it has built a “really strong and sustainable” financial position in light of the COVID-19 pandemic.

The Premier League club reported a pre-tax loss of 4.8 million pounds ($6.4 million) for the financial year through May 2021 after a comparative loss of 46 million pounds ($61.5 million) the prior year.

Overall revenue fell by 3 million pounds ($4 million) to 487 million pounds ($652 million), which included a 95% drop in matchday revenue as pandemic restrictions kept fans out of stadiums with the exception of 10,000 supporters allowed into Anfield for the final home game of the season.

The club, owned by American businessman John Henry, said it has invested more than 130 million pounds ($174 million) in infrastructure over the past three years.

“It is imperative, however, that we continue to live within our means and operate within football’s regulations and financial fair play,” said Andy Hughes, the club’s managing director. “But we’ll continue to reinvest on and off the pitch to further strengthen our position and compete at the highest levels right across the club.”

The financial period included Liverpool’s first league title in 30 years, when the 2019-20 season extended into July.

The club saw an increase of 64.5 million pounds ($86 million) in media revenue because of the prolonged 2019-20 season, which fell outside the previous reporting period.

Liverpool also reported “record-breaking kit sales with the new Nike partnership” and an 89% increase in mobile transactions on the club’s online retail store.

“We have worked really hard these past years to get us into a really strong and sustainable financial position,” Hughes said. “Despite navigating through a very challenging and uncertain period, overall revenue remained flat, demonstrating the underlying financial strength of the business.”

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