Arsenal Report Sh16.4 Billion Loss
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 re...