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How have Arsenal's finances done under Gazidis?

The authoritative Swiss Ramble looks at how Arsenal's finances have developed since the arrival of Ivan Gazidis in 2009 amid speculation that he may join AC Milan.

Revenue has grown by an impressive £198m under Gazidis, only outpaced by Manchester City £366m and Manchester United £303m in absolute terms. However, this was the second smallest percentage growth of the Big Six. Furthermore, 2017/18 revenue is likely to be £40-50m lower, due to not qualifying for Champions League.

Of £198m revenue growth under Gazidis, most (£125m) is from TV, due to central Premier League deals. Commercial revenue was up £69m, but the Swiss Ramble reckons this was a slam dunk after long-term sponsorships linked to stadium funding expired. It was the second lowest growth rate of the Big Six over the period.

Arsenal's ability to outspend others has diminished. In 2012 they had almost as much cash (£154m) as the rest of the Premier League combined (£181m), but in 2017 other clubs have seen their cash boosted by new PL TV deals, so they now have £819m compared to Arsenal £180m.

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