English Premier League side Arsenal has revealed that according to their financial results: Gunners announce record £107.3m loss for the year 2020/21.
Arsenal Records Heavy £107.3m Loss
Arsenal played just two games in front of a crowd at the Emirates Stadium during the 2020/21 English Premier League season. The Gunners announced a record loss of more than £100m for the year ending 31 May 2021. After losses of less than £50m during the previous year, Arsenal posted post-tax losses of £107.3m, the biggest in the club’s history.
The Gunners say as much as £85m of their losses are attributable to the impact of the Covid-19 pandemic. They played just two games in front of a crowd at their Emirates Stadium during the 2020/21 season. As a result, matchday revenue fell by £75m to £3.8m.
Overall wage costs came in at £244m a near £10m increase from 2020 despite Arsenal’s first-team players and head coach Mikel Arteta has agreed to a voluntary pay cut of 12.5% to help with the financial impact of the pandemic.
As a result of 55 redundancies, the club incurred exceptional costs of £6.7m while the total profit on player sales earned the club £11.8m compared to £60.1m in 2020.
The club’s latest financial results were released just hours after they announced a 4% rise in ticket prices for the 2022/23 season to deal with “rising costs”. A statement from the club says: “We recognize that no one welcomes price increases, and this decision has not been taken lightly.”
“Ultimately in the face of continued rising costs, we need to continue to drive growth in all our revenue streams – including matchday – as part of our aim to return our finances to a break-even position in the medium term.”