Arsenal announce huge loss after COVID-19 pandemic – Soccer Sports

Arsenal’s account for the 2019/20 season has been announced, revealing a huge loss of £ 47.8m.

The figures cover costs for the period from May 31, 2019 to May 31, 2020. Premier League Matches played in June and July, and the FA Cup victory in August are not included in the report.

August FA Cup win was not included in the account

according to Football.LondonThe COVID-19 pandemic and all subsequent football outages cost the club £ 34m for broadcast and £ 14m for Matchday revenue. However, £ 34m of broadcasting costs will be counted in next year’s accounting.

The pandemic has reduced the cost of running a football club, and the Gunners have saved £ 19 million. It mainly consists of reductions by the first team player and staff.

Meanwhile, North Londoners reported an increase in commercial revenues of up to £ 142.3m and wages of £ 234.5m.

Arsenal’s wages are expected to fall this year after rumored high-income earners such as Mesut Özil, Sokratis Papastato Sopros and Henrikh Mkhitarian have left.

In Transfer marketArsenal’s net spending is reported to be £ 122.1 million.

With Nicolas Pepe, Kieran Tierney, William Saliba, David Lewis and more, the club costs £ 182.2 million. In contrast, they received only £ 60.1m in transfer charges-most of which consisted of an estimated £ 30 million received from Everton for Nigerian winger Alex Iwobi.

In addition, the decision to dismiss former manager Unai Emery was costly. Overall, the process of replacing the Spaniards and his back room staff with former midfielder Mikel Arteta cost the club £ 10.4m.

Bringing Arteta was a costly process for Gunners

The club accounting announcement came with a statement explaining some of the financial difficulties.

As quoted by Football.London, The statement states: “Through the pandemic, the Group has swiftly made the decisions necessary to proactively manage and mitigate risk in all areas of its business and, where possible, provide appropriate support to the community and stakeholders. ..

“Since the end of the year, the Group has refinanced stadium finance bonds and taken various cost-cutting measures. These steps will help the club respond appropriately as the situation begins to improve.

“Financial challenges remain important, but the club continues to offer available options, along with the unwavering support and commitment of its ownership, Croenke Sports & Entertainment.”

Elsewhere Emirates, The club is believed to be ready Funding young midfielder Matteo Guendouzi this summer..

– Soccer Sports

Arsenal announce huge loss after COVID-19 pandemic Arsenal announce huge loss after COVID-19 pandemic

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