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Arsenal make a loss

Arsenal group accounts for 2018/19 show club lost £35m from day to day activities last season, up 58% on previous year but unlike in 2017/18 did not have large player sales to reverse this and make an overall profit (reports Kieran Maguire). Arsenal staff costs down mainly due to lower redundancy sums. Staff numbers fell (but only marginally).

The group's loss for the period after tax was £27.1m - down from a profit of £56.5m from 2018. While football revenue overall was up at £394.7m from £388.2m, benefiting from increased commercial revenues, the club said overall operating profits were impacted by 'continued investment in player wages', which increased to £231.7m. Whether the 'investment' has brought the desired returns is another matter.

Arsenal player trading: purchases £99m and sales £19m. Arsenal expect to pay a further £27m for transfers when individual players hit appearance targets and trigger add-on fees.

The absence of Champions League football hit the club hard and the chances of regaining it for next season do not look that good.

Chairman Sir Chips Keswick, said: 'Our player trading profit for this financial year was limited and this combined with a second consecutive season of Europa League football has meant the club recorded its first overall loss since 2002. For 2019/20 we will see increased commercial revenues from Adidas and our renewed deal with Emirates but another season outside the Champions League will continue to apply pressure to our financial results.'

Arsenal's progress to the knockout rounds in the Europa League earned them £5 million in prize money but had they made it to the final in Gdansk they could have claimed a further £8 million.Arsenal will also earn money from UEFA's coefficient ranking and their market pool though the latter will be shared with Wolverhampton Wanderers and Manchester United, both of whom progressed to the second knockout round of the competition.

The club will also have to cover the cost of a rebate to season ticket holders who will not receive their allocated seven cup games at Emirates Stadium.

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