Arsenal report losses of more than £50m in 2022/23 accounts despite finishing second, with previous record signing to blame
Despite their highest Premier League points total in almost two decades, Arsenal posted losses of £52.1m last season.
He gunners They finished second behind Manchester City in their title fight, but even though their football revenues rose to £464.6m, they still finished with a loss, the club's latest accounts show.
However, there is a twist to the story: “impairment write-offs on certain player records” account for £18.1m of the shortfall.
And according to Him Daily Telegraphalmost all of that figure came from Nicolas Pepe.
The Ivorian arrived at Arsenal in 2019 from Lille for a club record £72m, but Mikel Arteta's side finally cut their losses last summer due to an incredibly disappointing season.
Pepe joined Turkish Super Lig side Trabzonspor after his contract was terminated, and it is reported that when all factors are considered, including wages and signing fees, he cost the club more than £100 million.
However, there is good news: accounts filed with Companies House claim a pre-tax loss of £34m, excluding “exceptional items”. The figure is down from £45.5m the previous year.
Arsenal made a significant splash in the summer transfer market, breaking Pepe's record by paying £105m for Declan Rice from West Ham, while they also raised £65 million Kai Havertz from Chelsea and £35m Jurrien Timber from Ajax.
However, a first Champions League qualification in seven years boosted revenues significantly, along with a £191.2m increase in broadcasting revenue (previously £146m) and £169.3m. million of trading revenue (previously £141.7 million).
The club said in a statement: “During the 2022/23 season and subsequently during the 2023 summer transfer window, the club has once again invested heavily in the development of the men's first team playing resources.
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“This investment recognizes that qualification for UEFA competitions represents a prerequisite to reestablishing a self-sufficient financial base.
“We have also continued to invest heavily in Arsenal Women and women’s football continues to see significant growth in interest and support.”
