Page 36 English Football Club, Arsenal, has revealed a £27.1 million loss in their accounts, (and that is without the £72 million spent on Nicolas Pepe), as they now face losing more millions, having to refund their fans over the early Europa League exit
According to reports, the Club’s Chairman admitted that the lack of Champions League revenue, is damaging the Club’s finances.
The accounts cover the years up to May 2019, and show a massive hit to the Gunners’ coffers, after registering a £56.5 million post-tax profit, the year before.
To add insult to injury, the Club’s embarrassing Europa League elimination, on Thursday, to Olympiacos, will further hamper their finances, going forward.
The defeat means that they will not only lose money from potential tournament winnings and TV revenue, but they will also have to pay out to their season ticket holders.
If Arsenal does not play the required number of seven cup fixtures at the Emirates, fans would receive a rebate, which will cost the club millions of pounds.
So far, they have played five at home, and can only play a maximum of six.
They will travel to Portsmouth, in the FA Cup, but replays have been scrapped from the fifth round, meaning they will not be able to stage another tie at home.
Even if Arsenal progresses to the Quarter Finals, and have a home tie, that will be a maximum of six cup games at the Emirates, before the semi-finals take place at Wembley.
With Arsenal sitting in ninth place behind a crowded field, Europa League qualification appears likely to evade them this season, further worsening their situation.
The report does not include the hefty spending in the summer, after Unai Emery broke the Club’s transfer record, to bring in Nicolas Pepe for £72 million, although this sum will be spread over a number of years.
A further £70 million was spent on the acquisitions of Kieran Tierney, William Saliba, David Luiz and Gabriel Martinelli.
