Arsenal Football Club has announced a record loss of £107 million ($143 million) for the financial year ending May 31, 2021. Following losses of under £50 million the previous year, the London club faced its highest loss after tax in its latest financial statement. Approximately £85 million of these losses are attributed to the COVID-19 pandemic, as the "Gunners" played only two matches in front of their home fans at the Emirates Stadium during the 2020-2021 season.
The club stated in a release on Monday, "The financial results of the year were primarily affected by the COVID-19 pandemic, which resulted in the majority of matches in the 2020-2021 season being played behind closed doors," adding that "matchday revenues declined by nearly £75 million to £3.8 million." First-team players agreed to a voluntary wage reduction of 12.5% during the pandemic, which offset the club's wage spending that reached £244 million.
This announcement came just hours after Arsenal announced a 4% increase in ticket prices for the 2022-2023 season, marking a similar move for the first time in eight years. The statement said, "We recognize that no one welcomes price increases, and this decision was not made lightly. Ultimately, in the face of rising costs, we need to continue growing our revenues from all sources, including matchdays, as part of our goal to restore our finances to a medium-term level."
