By Reuters
Arsenal made an overall loss of 17.7 million pounds ($22.29 million) in the 2023-24 financial year despite record revenue after wage costs increased nearly 40% as the Premier League club announced their financial results on Wednesday.
The club had a 32% increase in revenue from 2023 (466.7 million pounds) to 616.6 million pounds thanks to their return to the Champions League, where they reached the quarter-finals, as well as a strong performance in the Premier League where they finished second.
The return to Europe’s top tier tournament meant matchday revenue increased to 131.7 million pounds compared to 102.6 million pounds in the previous year while broadcasting revenue rose to 262.3 million pounds.
The club’s wage bill increased to 327.8 million pounds, which was a significant increase from 234.8 million pounds in 2023.
“The increase was mainly driven by investment in player wages in both men’s and women’s teams.
You’ve reached your free article limit
Subscribe to enjoy unlimited access to trusted journalism. Cancel anytime.
Subscribe nowNeed help? molokom@insidepolitic.co.za
