The pandemic has given us breathing space here, otherwise I would suggest we would have been in a bit of bother with FFP.
It’s very difficult to argue against the pandemic having a huge impact on clubs finances, and so unless they have substantial evidence showing that the losses were nothing at all to do with Covid, to take that through the courts would be a huge risk for very little reward.
You could also suggest that Covid caused us to have to write down the value of players and that those losses were exacerbated due clubs not purchasing players at “normalised” values.
All in all, quite a desperate attempt to cover up their failings on the pitch.