For Liverpool, the importance of strong commercial revenues helps to underpin investment in other areas of the club.

A look across the Premier League for the 2019/20 season, which included the onset of the COVID-19 pandemic and the pausing of the season's run-in until after the financial year had ended, where significant broadcast rebates were due to broadcasters, showed that while the 20 clubs still brought in a combined £4.5bn in revenue the revenues of clubs shrank by 13 per cent.

A cumulative pre-tax loss of almost £1bn was also the largest in Premier League history and almost five times the previous season's £200m figure as the true financial cost of the pandemic started to become clear.

Liverpool, who had posted a £43m pre-tax profit the season before saw a swing to a £46m pre-tax loss, with revenues falling from £533m in 2019, a figure aided in no small part by the phenomenal run and victory in the Champions League, to a £490m figure for 2020.

The accounts for the year ending May 2021 are set to see big losses once more as a full season of the pandemic and a campaign without fans will be laid bare.

But there are elements which did manage to hold up for Liverpool.

Matchday revenue fell by £13m after a year without fans in the stands, and media revenues fell by £59m as a result of the Premier League season extending beyond the reporting period, but commercial revenues rose by by £29m to £217m, the club able to leverage their success in the Champions League in 2019.

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Strong commercial revenues should also be a factor in the 2021 accounts, likely to be published in early 2022, with the first impact of the incentivised Nike deal to be seen, where the Reds get 20 per cent royalties on the sale of Liverpool branded Nike merchandise.

Then there are deals for the sponsorship of the AXA Training Centre in Kirkby and the sleeve sponsorship with Expedia to be taken into account, the latter an uplift on the previous deal with Western Union.

The space around commercial income has changed in the Premier League in recent times, with some of that due to the pandemic.

While Liverpool may have tied up a deal with Expedia, the airline and travel business that accounted for heavy commercial revenues in the Premier League is at risk of shrinking owing to the lesser numbers travelling abroad owing to restrictions, with no set timescale on when normality will fully resume and what the 'new normal' will look like.

Then there is the potential for reform over gambling sponsorship in the Premier League. For quite some time now the gambling sector has been pouring large sums in commercially for shirt sponsorship rights.

But with the potential for front of shirt sponsorship from betting firms to be banned the market is not as buoyant as it was and clubs have had to look at new and emerging markets.

“The full financial impact of the pandemic on the Premier League will depend on the timing of the return of fans to stadia in significant numbers and the ability of clubs to maintain and develop their commercial relationships, in particular at a time when many other industries are suffering,” Dan Jones, head of Deloitte’s sport business group, commented in Deloitte's Annual Review of Football Finance earlier this year.

"Once fans are able to return in full, hopefully during the 2021/22 season, Premier League clubs have the potential to again return to record revenue levels."

Fans have been allowed back in at full capacity so far this season as the vaccine rollout allowed for the reopening of society.

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And while there is the hope that continues to be the case, clubs will no doubt be cautious as to what happens with commercial partnerships should restrictions return in some form.

But despite all the uncertainty, the Premier League's commercial value is enormous.

Commercially, £1.02bn in revenues are brought in by Premier League clubs each season, according to GlobalData, a figure largely dominated by the so-called 'big six' clubs. Liverpool account for 21 per cent of all commercial revenues in the Premier League.

Clubs have been searching for ways to try and lift their commercial revenues higher, no easy feat in a global pandemic where business has been hit hard.

But in the rise in popularity of cryptocurrency and its increasing prevalence it has presented some opportunity, although not everybody has jumped in head first just yet.

Everton launched a partnership with the fan token firm Socios, a deal that they have entered into tentatively and having put some hard stops on the potential growth of it. Aston Villa, Leeds United and Arsenal have also linked up with Socios to provide fan tokens, while Socios took front of shirt sponsorship at Inter Milan in a bid to drive up their own profile.

Watford became the first Premier League side to have a cryptocurrency firm have shirt sponsorship, with Dogecoin appearing on the sleeves of Hornets shirts.

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Liverpool have an official partnership with the firm Tigerwit as the club's official foreign exchange partner, and while the link-up with the global trading platform for FX, crude oil, metals and cryptocurrency is being explored for potential blockchain opportunities, cryptocurrency isn't a market that the Reds have jumped into yet in a big way, with much criticism still swirling around over its volatility and lack of regulation.

Conrad Wiacek, head of sport analysis at GlobalData, said: "Last year, GlobalData highlighted that cryptocurrency firms would be the next sector to utilize sport sponsorship to drive interest and revenue.

"This prediction has come to fruition, with 14 out of 20 Premier League teams having an association with a cryptocurrency partner.

"With over £20m invested by this sector into the Premier League alone, cryptocurrency firms seem to be shoring up the sponsorship market in the face of losses from the airline and tourism sectors.

"While the COVID-19 pandemic has obviously been painful for a number of sectors, we are seeing technology-based solutions taking the place of more traditional sectors such as automotive brands – with TeamViewer taking over one of the most iconic pieces of sponsorship inventory in Manchester United’s front-of-shirt partnership from US brand Chevrolet, albeit at a reduced fee compared to the previous deal.

"With the Premier League seeing no increase in its domestic media rights fee for the next cycle, the Premier League sponsorship market may well be a driver for teams looking for additional revenue to offset pandemic losses."

Liverpool will likely see their commercial output increase in the next set of accounts, despite the pandemic, but how willing they are to dive into the potential new cryptocurrency market that has opened up in football remains to be seen.