Premier League club Arsenal said the effects of the COVID-19 pandemic were the main reason for losses of Sh16.4 billion for the year end May 2021 after releasing their latest consolidated accounts on Monday.
The figure was more than double the Sh7.3 billion loss for the same period in 2020.
“The results for the financial year have been materially impacted by the coronavirus pandemic, which caused the majority of matches for the 2020/21 season to be played behind closed doors,” Arsenal said in a statement.
With only two out of 31 home games in the period having any fans present, matchday revenue was down Sh11.5 billion to Sh580 million, the club said.
However, the match day losses were offset by an increase in broadcasting revenues (Sh28 billion) reflecting distributions relating to the completion of the 2019/20 season and the club’s progress to the semi-finals of the Europa League.
The club made a profit of Sh1.8 billion on player sales, down from Sh9.2 billion in the previous year, and spent Sh37 billion in wages.
“The financial challenge remains significant, but the club continues to have the unwavering support and commitment of its ownership, Kroenke Sports & Entertainment,” the statement said.
Arsenal are well-placed to finish in the Premier League’s top four which would see them return to the lucrative Champions League for the first time since 2016-2017 season.
They are two points behind fourth-placed Manchester United but have three games in hand.