Arsenal chairman admits club must ‘spend effectively’ as revenues dip

Arsenal have reported a turnover decrease in their latest half-year financials.

Club owner Arsenal Holdings plc generated sales of £167.7m in the six months to November 30 2017, down from £191.1m the year previous.

Despite the decline, pre-tax for the period doubled from £12.6m in 2016 to £25.1m.

Cash reserves at the close of the half year stood at £137.6m, a year-on-year increase of £37.1m.

The turnover dip was blamed on the club’s participation in the UEFA Europa League rather than the UEFA Champions League, which it said dampened broadcasting, ticketing and commercial revenue lines.

Club chairman Sir Chips Keswick said of the results: “This has not been the easiest of campaigns but we are all working hard to ensure we have a strong finish.

“Breaking our transfer record twice in one season and the player contracts we have signed shows our commitment to getting the club back competing for the Premier League.”

He continued: “However, our strategy remains self-financing and we must accept all the challenges that brings at a time when the inflation of transfer fees, player wages and the fees demanded by agents has become super-heated.”

“We need to spend effectively and be the best we can across the whole of our football operations if we are to compete at the level our ambitions for the club demand.”