Bayern Munich were the only top European league champions to make profit in 2020-21

Bayern Munich were the only champions from Europe's top eight leagues to make a profit in 2020-21 as the coronavirus pandemic hit European football, a report has revealed.

The KPMG Football Benchmark's "European Champions Report" analysed the finances of the champions of England, Spain, Germany, Italy, France, the Netherlands, Turkey and Portugal.

Meanwhile, Premier League champions Manchester City were the only club to see their income increase compared to the previous season.

City registered a total income of 644m euros (£537.3m), the highest figure among the eight league winners including Bayern, Atletico Madrid, Ajax, Sporting Lisbon, Lille, Inter Milan and Besiktas.

City's income, helped by prize money from reaching the Champions League final and increased broadcasting revenue, was 96m euros higher than 19-20 and also more than 18-19, the last pre-Covid season.

Bayern's 20-21 profit, after tax, was 1.8m euros.

Meanwhile, Serie A champions Inter Milan recorded a net loss of 245.6m euros in 20-21 - the highest ever recorded by an Italian football club.

Spanish champions Atletico Madrid went from a net loss of 1.8m euros in 19-20 to 111.7m euros in 20-21.

Although City's revenue increased, the club also recorded a net spend of 294m euros on transfers and have one of the biggest wage bills in football (£351.4m in 18-19).

The English champions also have the highest squad market value in the world at 1,237 billion euros, with Manchester United and Chelsea the only other clubs above the billion euro mark.