Arsenal’s latest financial accounts reveal that the Gunners made a loss for the second successive year in a row, with most of the money relating to the coronavirus pandemic.
As reported by Goal, Arsenal lost £47.8million in 2019/20, up until the end of the end of May last year.
As such, the income from the Premier League’s return in June will feature in next year’s accounts.
Nevertheless, the sum presents tough reading for the club, who have made losses for the second year in a row.
Indeed, in 2018/19, Arsenal reported £27.1million in losses, the figure thereby increasing by over £20million.
As for the reasons for the financial downturn, Arsenal say that the coronavirus pandemic cost the club £35million before tax.
In more detail, lost matchday revenue due to the lack of fans accounted for £14million.
What’s more, the deferral of broadcasting income into the next financial year cost them £34million.
Finally, £6million was lost in other commercial and broadcasting revenue monies.
As well as the pandemic, however, the 2019/20 campaign also featured a managerial change for Arsenal.
Mikel Arteta and his staff replaced Unai Emery and his colleagues in December 2019. Overall, the switch cost £10.4million.
Arsenal did offset some of their losses by saving £19million. The wage cuts among first-team players proved crucial in raising such funds.
Arsenal transfer figures revealed
As for the Gunners‘ involvement in the transfer window, the club spent £182.2million on new players in the 2019/20 financial year.
The likes of Nicolas Pepe, Gabriel Martinelli, Pablo Mari all added to the figure.
However, the north London outfit raised £60.1million in player sales, with Alex Iwobi’s move to Everton accounting for a fair chunk of that sum.
Arsenal have spent £234.5million on wages, which represents a £400,000 drop from their previous accounts.
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On the field, Arsenal have returned to decent form after a run of one win in five games in all competitions.
They have since beaten Benfica to progress to the last 16 of the Europa League and got past Leicester 3-1 last weekend.
Arteta’s men return to action on Saturday to face Burnley.
READ MORE: Premier League predictions for Gunners’ trip to Turf Moor
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