Arsenal have posted a financial loss for the fourth season in a row as they blamed it on missing out on European football last campaign.
The Gunners had announced profits every year between 2003-2018, but they have struggled in recent times.
Mikel Arteta‘s side finished eighth in the 2020/21 season, and having failed to win a trophy unlike the previous year, it meant they missed out on a UEFA competition last term.
And that had a huge effect on Arsenal, as the club released their figures for the 2021/22 campaign which showed they had a loss of £45.5million, after tax, for the year ending May 2022.
Though the figure is a step in the right direction after Arsenal posted a loss of £107.3m the previous year having been greatly affected by the COVID-19 pandemic with no fans inside the Emirates.
A statement read: “The 2021/22 season was the first for 23 years in which the Club had failed to qualify for UEFA European competition.
“The loss of the revenue associated with UEFA football was the principal contributory factor in terms of the overall result for the year.
“The very welcome return of supporters to our home matches, as the restrictions associated with the Covid pandemic were eased, meant that the result for the year was considerably improved against the prior period, which had been adversely impacted by £85million of Covid attributable losses.”
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Failure to compete in Europe saw broadcasting revenues fall to £146m from £184.4m – a staggering difference of £38.4m.
Arsenal invested heavily last summer with the club aware they had to spend big in order to return to Europe.
Well over £100m was splashed on Ben White, Aaron Ramsdale, Martin Odegaard, Takehiro Tomiyasu, Albert Sambi Lokonga and Nuno Tavares.
As a result, player amortisation, which is the cost of player registrations or transfers split up across the length of their deal, was up by £9.6m to £127m.
Though there are plenty of positives for Arsenal, with their matchday revenue up by almost £42m to £369.1million due to the return of fans.
Their commercial revenue was slightly improved from £136.4m to £141.7m, with their wage costs down from £244.4m to £212.3m.
A number of first-team stars departed during the last year, with David Luiz, Willian and Sead Kolasinac released, while ex-captain Pierre-Emerick Aubameyang had his contract terminated.
And with Arsenal back in the Europe League and on course for the Champions League next term as they sit pretty at the top of the table, fans can be encouraged about their hopeful return to the pinnacle of English football.
Having splashed the cash on a number of transfers in the summer, Arsenal are once again expected to do so in January in their quest to finish in the top four.
Shakhtar Donetsk winger Mykhaylo Mudryk has been heavily linked, while Brazilian midfielder Danilo could swap Palmeiras for the Premier League.
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