While it may be a shock that Arsenal are top of the Premier League table at the World Cup break, the club's financial results carried few surprises. The Gunners announced a loss of £45.5million for the year ending in May 2022, which despite being a blow is a significant improvement on their loss of £107.3million from the year prior.
The primary factor that the club have pointed to when explaining the loss is the lack of European football in the red half of north London for the first time in 25 years. While smart moves by Edu such as the lowering of the club's wage bill by £32.1million and the return of fans to stadiums after COVID helped soften the blow it's no secret that the trappings of UEFA competition are among the most lucrative that football has to offer.
As things stand Arsenal look on track to address this. They sit 16 points clear of Brighton who occupy the final European place available via the Premier League table in seventh. Stan and Josh Kroenke though will be hoping for more.
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While being back in the Europa League this season will undoubtedly give Arsenal a financial boost for next year's books, the Champions League is where the big money is made. Having appointed Unai Emery to get the Gunners back in the big time after sacking Arsene Wenger, and mentioning it several times in interviews the Kroenkes are well aware of this. If they needed any more proof though, the financial results of their main Premier League title challengers Manchester City is great evidence.
Pep Guardiola 's side recorded broadcast revenues of £249.1million which is boosted significantly by their progression to the latter stages of the Champions League. In fact City claim this is a £48.4million decrease on what they managed the year prior when they reached the competition's final.
These are the kind of figures that will enable Arsenal to resume the sort of 'self-sustaining' financial model that KSE would like the club to operate with in the long term. They have invested heavily in the club over the past couple of seasons, but with these tantalising figures on offer, it may be an incentive for them spend a little more.
Arsenal have done excellently to get themselves into a position where they are capable of challenging for the Premier League title, but by Mikel Arteta 's own admission, they could do with a bit more depth if they are to challenge on multiple fronts. "I said from day one that we have a short squad because at the end we left some players," he said after the Gunners' 3-1 defeat to Brighton in the Carabao Cup last month. "It’s what we have. If everyone’s available and no one is injured we are okay, but the moment there is, we know what it is. It’s nothing new. I think I said it the first day after the transfer window.”
There has been talk of adding in the forward and midfield areas with the likes of Mykhaylo Mudryk and Danilo being heavily linked. Neither deal would necessarily be cheap, but if they want to secure the top level revenues that elite level European football has to offer, then KSE may well be tempted to invest once more.
In fairness their track record suggests that they could do. Despite criticism in the past, particularly after the European Super League fiasco, their investment over the last few windows has spoken volumes, while Arteta has always been keen to defend them publicly. “The vision they have, the commitment and level of understanding of the sport in general, is fascinating," the Spaniard said after meeting them during Arsenal's tour of the USA in July. “I can tell you: I have never seen ownership at that level so committed, close and engaged to bring this club where we want.”
The Kroenkes have done a fantastic job of turning around their perceptions among an Arsenal fanbase who only two years ago were desperate to force them out of the club. To solidify this progress and guarantee the financial results that will make their ownership profitable, it seems that one more push in January may be needed.
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