Arsenal have announced an overall loss of £45.5m in their financial results for the for the year ending May 31, 2022, citing a lack of European games as a significant factor.
The Gunners were unable to qualify for European football for the first time in 25 years in the 2020-21 season, which had a major impact on revenue for the previous season.
Broadcasting revenues were the greatest cut, with Arsenal earning £146m compared to £184.4m in 2020-21, when they reached the Europa League semi-finals.
However, the Emirates Stadium welcomed back a packed house after teams were forced to play behind closed doors during the COVID-disrupted 2020-21 season, which increased matchday revenue to £79.4m from a meager £3.8m the previous year.
Wage costs fell from £244.4m to £212.3m for the 2021-22 season, owing to the departures of high-earning players such as Pierre-Emerick Aubameyang and Mesut Ozil.
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“The 2021-22 season was the first for 25 years in which the men’s first-team had failed to qualify for UEFA European competition. The loss of the revenue associated with UEFA football was the principal contributory factor in terms of the overall result for the year,” according to a statement on arsenal.com.
“During 2021/22, and subsequently during the 2022 summer transfer window, the Club has invested strongly in the development of its men’s first-team playing resources.
Arsenal are five points ahead of Manchester City at the top of the Premier League table after a great start to the 2022-23 season, however they were beaten to Champions League qualification by Tottenham Hotspur last season.
Despite finishing fifth, Mikel Arteta’s side returned to the Europa League, and the Gunners will be in the draw for the last 16 after topping their continental group earlier this season.
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