March 01, (THEWILL) – Arsenal has reported losses of £107 million for the 2021/21 season, with the COVID-19 pandemic and attendant issues causing a significant hole in the club’s coffers.
Football being played behind closed doors wreaked havoc on the finances of teams all around the world, as seen by the Gunners’ matchday revenue plunging by £75 million to just £3.8 million.
Arsenal’s losses for the 2019/2020 and 2018/2019 seasons were £47.8 million and £27.1 million, respectively putting the extent of the losses in context. The club recently released new season ticket prices, with the most affordable option estimated to cost roughly £927.
Arsenal’s official statement reads as follows: “The results for the financial year have been materially impacted by the Coronavirus pandemic, which caused the majority of matches for the 2020/21 season to be played behind closed doors.
“Significant funding has been provided by the ultimate parent company, KSE UK Inc., which is wholly owned by the ultimate controlling party, Mr E. S. Kroenke. During the year KSE UK Inc. provided funds to refinance the stadium finance bonds and for working capital purposes as required.
“The financial challenge remains significant, but the club continues to have the unwavering support and commitment of its ownership, Kroenke Sports & Entertainment.”
Arsenal’s finances have also been hurt by player sales, which brought in only £14.8 million compared to £63.6 million the previous season.
While matchday revenue decreased, broadcasting revenue grew to £184.4 million as a result of the club’s advancement to the Europa League semi-finals and the allocation of coverage towards the end of the 2019/2020 season.
About the Author
Jude Obafemi is a versatile senior Correspondent at THEWILL Newspapers, excelling in sourcing, researching, and delivering sports news stories for both print and digital publications.
