We spent around £60m on a new training facility (most of that spend would have been budgeted for last year so largely explains last year's lack of activity, but it will have closed down with the lockdown and could well have gone over budget as a result).
We will have paid out big player and coaching staff bonuses for winning the Premier League, and possibly some pay increases and contingent transfer fees as a result - this will be partly offset by some sponsor bonuses but it's likely most of our sponsorships won't contain those kind of bonus clauses.
We will have had to fork out on refunds to season ticket holders and hospitality ticket holders.
We won't have any money coming in for season tickets and hospitality for the coming season.
We're losing out on match day income, (non-season) ticket sales.
We will have budgeted a hit in TV revenue this year (given Premier League agreed to defer the hit from last year into this / next year's revenue).
Losing out on the knock-out rounds of the Champions League will have seen us lose out on revenue compared to last year.
No pre-season tour revenue.
There's a good chance we'll have paid out rebates on commercial deals to sponsors, many of which are driven by player appearances and on-line advertising, where volumes will be down because of less activity from fans.
We're paying huge wages to our players, even before bonuses (we seem to have adopted a policy in recent years of shelling out decent wages to existing players rather than spending big on new ones).
The revenue won't be up as much as some might expect in 2019-20, mainly due to the pandemic but our cost base has risen too.
The major player sales we did (mainly Coutinho) won't be throwing off any more cash as they will have been paid in full by now.
Most, but not all, of those factors affect other clubs in the League as well.
Putting any numbers on that would be pure guess work but it's going to be more than just a bump into the road.
We're starting to see more clubs (not than the plastic ones) spend some money on transfers but mostly not huge deals. Most of those clubs will be funding those deals by taking on more debt (particularly Chelsea and Everton). We seem to have decided not to do this.
Yes, it's massively disappointing not to see us strengthen given our success in the last two seasons, but the window doesn't close until October. By that time, things could look massively different (or, worst case, we'll have been proven right and a lot of other clubs will be fucked).