Newcastle United chiefs say that the £22.5million loss was "not normal" after the pandemic as crowds were prevented from entering St James' Park.
In the director's report, Newcastle chiefs said: "The financial results do not reflect a 'normal' year for the company.
"Covid-19 aside the company's income would not have been hugely impacted by the extension of the accounting period by the further month, whereas operating costs would be expected to increase pro-rata.
"The vast majority of the company's income arises during the playing season (10 months out of 12) whereas the cost in particular two of the most significant wages and player amortisation accure on a more even basis across the entirety of any given accounting period."
United's turnover was hit after Covid struck the UK and an annual turnover of over of £153million was down from £176.4million the year prior.
The Magpies also reported that the wage bill was £121million and went up by 20% but that figure is expected to drop next year after the release of players such as Andy Carroll, Florian Lejeune, Christian Atsu and Henri Saivet.
But Newcastle made £26m from player sale profits in 2019/20.
