London, March 1 (BNA) Premier League club Arsenal said the effects of the Covid-19 pandemic were the main cause of losses amounting to 107.3 million pounds ($ 144 million) at the end of the year in May 2021 after the release of their last consolidated accounts.
The figure was more than double the losses for the same period in 2020 of 47.8 million pounds, according to Reuters.
“The results of the financial year have been materially affected by the coronavirus pandemic, which has caused the majority of the 2020/21 season to be played behind closed doors,” Arsenal said in a statement.
“For matches played behind closed doors, there was a complete loss of ticket revenue (and other match days). The pre-tax (unaudited) loss of £85 million is attributable to the effects of COVID-19.”
With only any fans present in just two of the 31 games in the period, match-day revenue fell 75 million pounds to 3.8 million pounds, the club said.
But the match-day losses were offset by an increase in broadcast revenue (£184.4m) that reflects distributions related to the completion of the 2019/20 season and the club’s progression to the Europa League semi-finals.
The club made a profit of 11.8 million pounds from player sales, down from 60.1 million pounds the previous year, and spent 244 million pounds in wages.
“The financial challenge remains significant, but the club continues to have the unwavering support and commitment of its ownership, Kroenke Sports & Entertainment,” the statement said.
Arsenal are well positioned to finish in the top four in the Premier League, which would see them return to the lucrative Champions League for the first time since the 2016-17 season.
It is two points behind fourth-placed Manchester United, but has three games in hand.