Arsenal have reported a £47.8m loss for the financial year from 2019 to 2020 – citing coronavirus as a significant impact on the club’s finances.
The pandemic closed down stadiums and brought football to a halt for just under three months before the end of the financial accounts on May 31, 2020.
It meant the club lost £14m in matchday revenue, £6m in broadcasting and other commercial losses and £34m due to deferral of broadcasting revenues into next financial year.
These losses were offset by £19m worth of savings which included a 12.5 per cent pay cut the majority of the first-team took with commercial revenue also up from £110.9m to £142.3m.
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However, the sacking of Unai Emery and his coaching staff in November 2019 to be replaced by Mikel Arteta also proved costly, to the tune of £10.4m.
The amount spent on transfers, which included the arrivals of the likes of Nicolas Pepe, Kieran Tierney, David Luiz and William Saliba, totalled £182.2m with £60.1m raised in departures.
The latest report does not include matches after Project Restart and earnings from the FA Cup win and comes after the club lost £27.1m in 2019, down from a profit of £56.5m from 2018.
A statement published on Arsenal's website added: "Since the year end, the Group has refinanced its stadium finance bonds and undertaken a range of cost-cutting measures.
"These steps will ensure the club is well placed to respond once the situation starts to improve.
"The club continues to have the unwavering support and commitment of its parent company, Kroenke Sports & Entertainment, and its ultimate owner Stan Kroenke."