Arsenal announces record losses due to Covid

English club Arsenal announced a record loss of 107 million pounds (143 million dollars) for the financial year that ended on May 31, 2021.

After losses of less than 50 million pounds the previous year, the London club suffered the highest after-tax losses in its latest financial statement.

About 85 million of these losses are due to the coronavirus pandemic after the “Gunners” team played only two games in front of its fans at the Emirates Stadium during the 2020-2021 season.

“The results of the financial year were mainly affected by the coronavirus pandemic, which caused the majority of the matches of the 2020-2021 season to be held behind closed doors,” the club said in a statement on Monday, adding that “revenues from match days fell from 75 million to 3.8 million”.

First-team players agreed to a voluntary pay cut of 12.5 percent during the pandemic, offsetting the club’s wage spending which amounted to 244 million pounds.

The statement came just hours after Arsenal announced it would raise ticket prices for the 2022-2023 season by four percent, in a similar move for the first time in eight years.

“We recognize that no one welcomes a price increase, and this decision has not been made smoothly. “Ultimately, in the face of continuing rising costs, we need to continue to grow our revenues in all respects, including match days, as part of our goal to return our finances to their medium-term rates,”he said.

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