By Tunji Faleye

Arsenal has posted an overall loss of £17.7 million ($22.29 million) for the 2023-24 financial year, despite generating record revenue, as rising wage costs significantly impacted their finances.

 

The club saw a 32% surge in revenue, climbing from £466.7 million in 2023 to £616.6 million, largely due to their return to the Champions League, where they advanced to the quarter-finals, and a strong Premier League campaign, finishing as runners-up.

Their participation in Europe’s elite tournament contributed to a rise in matchday revenue, which increased from £102.6 million to £131.7 million, while broadcasting income also soared to £262.3 million.

However, the club's wage bill ballooned to £327.8 million, up from £234.8 million in 2023—an increase of nearly 40%. Arsenal attributed the spike in costs to higher player wages for both the men's and women's teams, as well as a rise in commercial and operational staff.

"The increase was mainly driven by investment in player wages in both men's and women's teams. There was also an impact from increased commercial and operational headcount," the club said in a statement.

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