Arsenal announces record losses of 107 million pounds

INA-  SOURCES


Arsenal announced a record loss of £107 million ($143 million) for the financial year that ended May 31, 2021.After losses of less than 50 million pounds in the previous year, the London club incurred the highest value of losses after tax deductions in its last financial statement.

About 85 million of these losses are due to the Corona virus pandemic, after the “gunners” played only two matches in front of their fans at the Emirates Stadium during the 2020-2021 season.

“The results of the financial year were mainly affected by the Corona virus pandemic, which caused the majority of matches of the 2020-2021 season to be held behind closed doors,” the club said in a statement on Monday, adding that “revenues from match days decreased by approximately 75 million to 3.8 million.”

First-team players agreed to a voluntary 12.5 percent wage cut during the pandemic, offsetting the club’s £244m wage spending.

This statement came just hours after Arsenal announced that it would raise ticket prices for the 2022-2023 season by four percent, in a similar move for the first time in eight years.

“We understand that no one welcomes a price increase, and this decision was not made lightly. Ultimately, in the face of ever-rising costs, we need to continue to grow our revenue in all respects, including on match days, as part of our goal to bring back Our financial resources are on average in the medium term.