Arsenal owner Stan Kroenke still has “unwavering support and commitment” to the club, despite the Gunners recording huge losses of over £100million in their latest accounts.
Arsenal’s accounts for the year ended May 31, 2021 were published on Monday and the club announced that loss after taxation was £107.3m. This comes in the wake of Arsenal recording a loss of £47.8m in 2020.
Like many clubs, Arsenal were hit hard by Covid-19 and pre-tax losses of £85m are attributed to the impact of the pandemic.
Despite the huge losses Arsenal’s owner, Kroenke, remains committed to the club and making them a success.
Arsenal had been the subject of interest from Swedish billionaire Daniel Ek last year, who co-founded Spotify, but Kroenke had no desire to sell.
That position has remained unchanged despite Arsenal recording huge losses, with the club revealing Kroenke’s stance on Monday.
In a statement that accompanied the results Arsenal said: “Significant funding has been provided by the ultimate parent company, KSE UK Inc., which is wholly owned by the ultimate controlling party, Mr. E. S. Kroenke.
“During the year KSE UK Inc. provided funds to refinance the stadium finance bonds and for working capital purposes as required.
“The financial challenge remains significant, but the club continues to have the unwavering support and commitment of its ownership, Kroenke Sports & Entertainment.”
Arsenal were hit so hard by the pandemic due to the fact they missed out on huge match-day revenue with games being played behind closed doors.
Match-day revenue fell by £75m to £3.8m over the past year as just two games had any fans present.
Broadcasting revenues did increase from £118.9m to 184.4m, which was partly down to the club’s run to the Europa League semi-final.
