Arsenal’s pre-tax loss increased from £45m to £52m, despite (football) revenue rising £96m (26%) from £369m to a new club record £465m, as profit from player sales halved from £22m to £11m and operating expenses shot up £89m (21%) from £432m to £521m. Net interest payable also slightly increased from £5m to £6m. The club was at pains to emphasise that the financial result was adversely impacted by an £18m impairment to write-down the value of certain player registrations, compared to just £2m the previous year. Excluding impairment, the pre-tax loss improved from £43m to £34m, which is obviously better than the reported figures, but is still a sizeable deficit. Arsenal have now lost money five years in a row, adding up to an overall loss of £311m in this period, underlining how much the lack of Champions League football has hurt the club’s finances. Revenue All three of Arsenal’s main revenue streams saw good growth with both commercial and match day reaching new club hig...