BEVERLY HILLS, August 06, (THEWILL) – English FA Cup winners, Arsenal, have announced plans to lay-off 55 staff following dwindling revenue caused by the effect of the coronavirus pandemic.
The club in a statement stated that its revenue has been severely affected.
“Revenue from broadcasters, matchday and commercial activities have all been hit severely and these impacts will continue into at least the forthcoming 2020/21 season,” the club said in a statement.
The club also disclosed that everything has been done to reduce costs, including players, senior staff and executive team members taking voluntary pay cuts, adding “but it is now clear that we must reduce our costs further to ensure we are operating in a sustainable and responsible way.”
“We do not make these proposals lightly and have looked at every aspect of the club and our expenditure before reaching this point. We have also received significant financial support from our owners, Kroenke, Sports & Entertainment in terms of refinancing our stadium debt.
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“These steps have all reduced the impact of the pandemic on the club and have helped us continue to maintain investment in the team. This will continue to be a key priority.”
THEWILL reports that the Gunners ended the season in eight position but their FA Cup win last Saturday will see them take a place in European football next season.
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