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Arsenal announce £47m in losses as COVID-19 pandemic threatens club's finances even further

https://www.hotlinepro.xyz/2021/03/arsenal-announce-47m-in-losses-as-covid.html

  Arsenal have recorded second consecutives loss in a row, the Club suffering a £47.8 million ($66m) loss in 2019-20 Season.


   The latest figures show the Arsenal financial results until the end of May 2020, before the end of the English Premier League's 3-month withhold due to the Covid-19 pandemic.


   The Club announced a £27.1m ($37m) loss for the 2018-2019 financial year, the first time arsenal had a loss since 2002.


   The report states that £35m of the last year's pre-tax losses that are attributable to pandemic disease are made up of £14m of lost gameday revenues, the prepayment of £34m of bulletin revenues into the coming financial year and £6m of other commercial and bulletin revenue losses. 


  Those losses are offset by cost savings of £19millions ($26millions), as well the wage reduction blueprint that the first-team squad agreed to last season.


 Notwithstanding, the Club expect the impact of the pandemic disease to be more obvious in next year's financial report because of the lack of paying audience and other cutbacks.


    The club raised £60.1m from player sales, having get rid of Alex Iwobi to Everton and Krystian Bielik to Derby among others.

   But arsenal spent £182.2millions ($252millions) signed new players, including the likes of Nicolas Pepe, Kieran Tierney, William Saliba, Gabriel Martinelli, Pablo Mari and David Luiz from Chelsea.


   Arsenal have spent £234.5millions ($324millions) on wages, a reduction of £400,000 from 2019, and spent £10.4m in changing the managing staff as Unai Emery was sacked in Nov 2019 and replaced him by Mikel Arteta.

   Commercial revenue for 2019-2020 stands at £142.3millions ($197millions), an multiply from the last year's £110.9millions ($152millions) figure appreciation to the renewed partnership with Emirates and a new kit partnership with Adidas. 

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