After losses of less than 50 million pounds in the previous year, the London club incurred the highest value of losses after tax deductions in its last financial statement.
About 85 million of these losses are due to the Corona virus pandemic, after the “gunners” played only two matches in front of their fans at the Emirates Stadium during the 2020-2021 season.
The club said in a statement on Monday: “The results of the financial year were mainly affected by the Corona virus pandemic, which caused the majority of matches for the 2020-2021 season to be held behind closed doors,” adding that “revenues from match days decreased by approximately 75 million to 3.8 million.”
First-team players agreed to a voluntary 12.5% wage cut during the pandemic, offsetting the club’s £244m wage spending.
About 85 million of these losses are due to the coronavirus pandemic
This statement came just hours after Arsenal announced that it would raise ticket prices for the 2022-2023 season by four percent, in a similar move for the first time in eight years.
The statement read: “We understand that no one welcomes a price increase, and this decision was not made lightly. Ultimately, in the face of continued rising costs, we need to continue to grow our revenue in all aspects, including match days, as part of our goal To restore our finances to their average in the medium term.”