Arsenal reveal a £27.1m LOSS in their accounts… and now they face losing millions AND having to refund their fans over early Europa League exit
- Arsenal have registered a £27million loss for the financial year up to May 2019
- The previous year, the Gunners revealed a healthy £56.5million profit
- The club’s chairman said missing out on Champions League is damaging them
- Arsenal will also have to pay out to season ticket-holders for their European exit
The accounts cover the year up to May 2019 and show a massive hit to the Gunners’ coffers after registering a £56.5million 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.
Arsenal have registered a £27million loss, a year after revealing a £56.5million profit
The defeat means 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 the club do not play the required number of European fixtures, fans receive a rebate.
With Arsenal sitting in ninth place behind a crowded field, Europa League qualification appears likely to evade them this season, further worsening their situation.
Commenting on the accounts the club’s chairman, Sir Chips Keswick, said: ‘Our player trading profit for this financial year was limited and this combined with a second consecutive season of Europa League football has meant the club recorded its first overall loss since 2002.
The Europa League loss means the club will have to pay out to their season ticket holders
‘For 2019/20 we will see increased commercial revenues from Adidas and our renewed deal with Emirates but another season outside the Champions League will continue to apply pressure to our financial results.’
The news comes shortly after Manchester United announced a similarly damaging report with the lack of Champions League football also affecting Old Trafford.
While Arsenal’s revenue was boosted by reaching the Europa League final last season, it will pale in comparison to Liverpool’s winnings from the Champions League, which will be included in their next financial year as it took place in June.
The Reds made a pre-tax profit of £42million last year despite a record £223m investment on players.