Based on what we know (and ignoring the speculation), they're in a bit of a mess.
Firstly, we know they don't have covid insurance. Therefore they'll be feeling the pain of not having 50-60k fans at their midden 22 or so times a year (domestically, including cups). BAd, but not terrible since many of these would have been ST holders so they have the ticket money but still lose out on the additionals such as food, etc. They will be feeling the pain of an awful European run, not qualifying for the CL and then only gaining 4 points in the EL means a relative pittance in prize money. Plus missing out on the full benefit of 55k fans for each home game (although they're not alone in this).
So their revenue will be down considerably, even on the previous season when it wasn't great.
Then look at costs. Their wage bill will likely be down slightly since they won't be paying CL qualification bonuses, League cup or league championship winning bonuses to the squad but will need to shell out bonuses for winning the delayed SC. On the flipside is that they recruited a number of players in the summer who will be on decent money each week. So even though bonus payments will be down, their overall wage costs may be roughly similar to before.
As mentioned above, they spent a lot of money in the summer which will be reflected in their next accounts. In 2019/20 they spent around £20m across 2 windows and received £25m for biscuit hips - a net spend of £5m. Since last summer they have spent another £12m and have yet to receive a penny for any player - a net spend of £12m with no immediate prospect of improving on that. They may sell players in the summer but they will have to replace them and in addition will lose regular first team starters in Elyanoussi, Laxalt and Duffy (hahaha!!) AND will obviously have to upgrade on those who remain as they aren't good enough to win the league. So they have a big, big rebuild on the horizon, plus their main assets (McGregor, Christie, Edouard, Ajer) are all coming into the final year of their contracts so their transfer value will begin to plummet at the same time as the world enters year 2 of covid and most clubs will be looking to tighten their belts. It is reasonable to assume that many clubs would postpone signings to the following summer to get them on a Bosman instead of paying a transfer fee to get the player a year early. Plus they'll need to pay off Lennon and his crew and probably pay compensation to get their next manager, which won't come cheap if they want someone decent.
Trying to put figures on this is obviously difficult, but let's make some reasonable assumptions. Revenue down by £10m, wages maybe down by £2m, transfer net spend up by £7m. That's a loss of £15m right there, and I think that's quite conservative. We're then into the realms of speculation for what they could get for sales in the summer and what they'd need to spend, but it's probably not unreasonable to assume they'd need to find £20m over and above whatever they receive in order to build the squad back up. This is then on top of a probable collapse in ST sales - we've seen in the recent past how fickle their "supporters" are and losing the Ten will see a decent number turn their backs on their team.
Finally, on top of all of this there are 2 speculative areas of concern for them. Firstly, their stadium is coming to then end of it's scheduled lifespan but this may be more long-term and they could kick that can down the road. then there is the paedophile claims making their way through the courts, but we have no way of telling how this will turn out and how much they might have to pay. However, it must be of conern to those in charge at the club because worst-case scenario is a hefty compo bill (poss £20m) plus massive reputational and PR damage which would see their sponsors running for the hills.
They are far from finished but if we continue doing the right things then we could shortly be sitting very pretty with a big advantage over them for a number of years to come.
