Thursday, September 28, 2023

Arsenal announce half year financial results

Arsenal have released the half-year financial results for the 6 months ending November 30th 2016.

Some of the key points from the release include:

  • Turnover from football increased to £191.1m from £158m in 2015, an increase of just over 20%, primarily down to the new television deal which accounted for £25m of that increase.
  • Broadcast now accounts for 45% of football revenue.
  • Commercial and retail revenue increased by 5% to £57.9m.
  • Investment in the playing squad saw the amortisation charge on player registrations increase to £36m from £29.2m in 2015
  • Cash reserves, distinct from available transfer funds, stand at £100.5m
  • Arsenal Holdings PLC made an overall profit before tax of £12.6m against a loss of £6.2m in 2015.

In the report, Chairman Sir Chips Keswick said, “The financial results for the first half of the year are robust. As expected increased Premier League broadcasting revenues have had a direct impact on player costs both in terms of transfer prices and player wage demands.

“We have invested in out own playing squad at record levels. It has also been exciting to see more young players emerge from our Academy. We are focused on producing a positive and exciting closing run and with the support of our fans, I believe together we can achieve a successful and memorable end to the season.

“We are looking forward to another exciting finish to the season. The Premier League season has been intensely competitive across the top six positions. At the time of writing, we sit fourth place in the league and, with thirteen games remaining, there is everything to play for.

“Everyone, including, Arsene, our players, board and staff share our fans’ disappointment at our first leg result against Bayern Munich but we will approach the second leg with professionalism and a desire to reclaim pride.

“Unity has always been one of Arsenal’s strengths as a club. We are very focused on producing a positive and exciting closing run and with the support of our fans, I believe together we can achieve a successful and memorable end to the season.”

And on player contracts the use of the word ‘rationally’ might make some people sit up and take notice.

“Higher player wages are, once again, the single largest contributory factor in the club’s increased operating costs,” he said.

“Furthermore, in terms of transfers, we have invested at record levels, adding £110.5 million to the cost of player registrations. As well as bringing Granit Xhaka, Rob Holding, Shkodran Mustafi and Lucas Perez to the Club we have continued to invest in the retention of key players.

“Francis Coquelin, Hector Bellerin, Laurent Koscielny and Olivier Giroud have signed new contracts whilst we have also taken up the options to extend the contracts of Club captain Per Mertesacker and Santi Cazorla.

“Further work is required in the area of contract renewals and we will continue to invest rationally in our squad retention as we move forward.”

You can read the full report here.

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We are a very rational profit-making club.

I’m happy we are though hoping we can keep strengthening the squad. Sometime our fortunes will change for the better if so.


The ‘rationally’ sounds like some of the wage demands (Sanchez, like Costa?) are driven by crazy China wages.


Sad thing is we moan about the crazy China wages screwing things for the PL, but sometimes we forget the PLs own crazy wages screwed things for the rest of the European leagues.

Monkey nuts

Not sure that is the case.


Agreed with monkey…..UK tax rate is insane…that’s why the wages need to be higher.

One Player Down

The tax rate in the UK is the lowest out of the top leagues; Italy, Germany, France, Spain, Holland.

Andy Mack

As far as I’m aware, although there may be special classes for footballers, generally we have the same top tax rate as Germany, France and Spain (45%) whilst Italy is around 47% (with municipality tax) and Netherlands appears to be 52%.
I know from experience that Germany has loads of ‘legal loopholes’ to reduce tax whilst the UK is plugging all loopholes as fast as they can be found…

Andy Mack

But the cost of living is much more expensive in the UK…

chippy's chip

And the milk just keeps on flowing like a waterfall from the cashcow that was once our club ?


And for Africa..

Granit(e) hard!

Absolutely. The “rationally” also sounds suspiciously to me like a ‘side winder’ to Sanchez and Ozil contract negotiating teams. he is in effect saying “Yes, we are willing to pay top money for you guys but your demands have to be reasonable and in line with Arsenal ethos and values”, and……kudos to him for that. I am with Arsenal on this one 100%. If they are not willing to be reasonable, let them zoom off! We pay comparatively decent wage rates now, unlike few years back, and so, Arsenal is, and should be bigger than any star player, (and their… Read more »


Refusing to pay Sanchez and Ozil will have huge repercussions for arsenal. Not only will they move on to clubs that are willing to pay market value prices but they will move to clubs that will challenge for silverware on all fronts. The final nail in arsenals coffin will be when the worlds best players avoid north London like the plague. Not willing to pay for top talent and unwilling to launch any kind of title challenging squad will sink Arsenal. Not fair to the fans or Wenger. It seems like he is always fighting with one hand behind his… Read more »


Of course it’s not great if Ozil & Sanchez don’t re-sign. But it’s hardly the end for Arsenal Football Club is it?

To me, it’s logical that they are waiting to see what is going to happen with The Gaffer at the end of the season.

So with that in mind, would Gooners be prepared to have another 2 years of AW if it meant that #7 & #11 sign for another 3 years?


Good question.


I think it would be good business. Arsenal can spend wengers final two years transitioning the club into a new era. This would also give the board ample time to hire the right manager. Someone that represents the best values of the club past and present but can still set Arsenal on the right path for the future

Jeremy O Dwyer

Players have left Arsenal for bigger wages/more chance of silverware in the past and will do in the future. Arsenal will continue regardless.


Majority of them players have gone on too win Silverware, Often with our direct rivals, Can you not see the problem there?


When he says – with 13 games to go there is eveything to play for – it seems clear that Champions League qualification is the success marker they have.


I wondered what exactly he was thinking about when expressing confidence in a ‘successful’ end to the season, or there being ‘all to play for’.

Someone who is keen to stress they are rational, then seems to be stretching it a bit far re: the league… Or doesn’t consider winning it as necessary to count a success.


“And on player contracts the use of the word ‘rationally’ might make some people sit up and take notice” As supposed to certain fans wanting the club to spend money on transfers…irrationally? ArsenalFanTV probably would. I’ve said it before, right now player quantity isn’t our biggest problem. Sure some players are questionable in terms of quality (I won’t name them), but even top quality players like Kos has to play in a team that isn’t set up well defensively. It is not responsible for our 2-man midfield constantly getting overrun (unless you buy the 2-in-1 Kante), or lack of tactical… Read more »


How is taking a punt on Kante and then spending roughly 10mil more on xhaka good business sense. I still can’t believe we passed on him.


I am growing increasingly frustrated with how business focused our board are. They seem happy with our situation as long as the club is making a profit. I wish the board wanted to win football matches more than make money.


A financial report written for shareholders is always going to sound “business focused” because it necessarily is. This shouldn’t alter your perception of the board’s priorities.


Sure ask Portsmouth and Leeds, they though football before finance. Where do they stand now ?

Andy Mack

They state that they aren’t happy with the results…
So how does that make them ‘seem happy with our situation’…


He only expressed disappointment at the Bayern humiliation, not the gap to Chelsea. I mean, Chelsea had an incredible first half of the season. Arsenal had a midway points total level with title winning seasons, but still Chelsea were 9 points ahead on 49. The frustration for me is how badly we coped when the pressure was on, and opportunities were presented to close the gap. The Bayern defeat was only one game, but there was a real meltdown. Now I fully expect us to go on a strong run. We’ll win a bunch of games now that the pressure… Read more »

Too Drunk To Be Offside

“He only expressed disappointment at the Bayern humiliation, not the gap to Chelsea.” –

What about the 10 point deficit to Chelsea is not disappointing.

If the board find this gap par for the course, then they can fk off.

Gutbukkit Deffrolla

He already mentioned the league in his previous sentence. He, unlike you, has not given up on the idea that we can still try to win it.


Is every other club in England having a shit season because they are miles behind Chelsea?


Then buy the club and run it your way!


Good argument – well done! (Not)

Kosc' Pocket

“Everyone, including, Arsene, our players, board and staff share our fans’ disappointment at our first leg result against Bayern Munich…”

Why do I feel like the players, especially most of those who played the game, don’t share the disappointment? I mean, if anything we saw is anything to go by……

Andy Mack

None of them looked happy at the end of the game… or did I miss something?


Purely from your comment I’m not sure you’ve ever even played a five a side kick about? My apologies for being harsh here dude but losing sucks no matter what levep you play at…..

Holy bejesuslittechrist on a bike. Of course the players are hurting after that humiliation.

Gutbukkit Deffrolla

Even if they are totally mercenary and don’t give a shit for the team or the club they will be disappointed in the result of that game, and their own personal performances, because being part of a team that gets slaughtered and looks useless reflects on each and every player in the team. It does their career no good to have that performance televised around the world. Every game they play is a chance to promote their career and they want to go all the way to the final to get as much personal promotion as possible. Losing was bad… Read more »


Did we win?


We made a profit for Silent Stan, so I’m sure he’d say yes, we did win.


Of course this is the other side of it. YOu would be an Ostrich with your head stuck up your arse if you didn’t think footy was not a business these days. They go hand in hand. The minimum standard at Arsenal over two decades has been to finish 4th and CL. This is not to be confused with top ambition which is to win the league and CL. In recent seasons we have inched closer to the top, and won two FA cups back to back. I’m not sure what the press are smoking when they say we are… Read more »


Leicester’s current owners have been very good custodians. Sacking Ranieri is the right decision. I don’t see how people can call for Wenger’s head but get starry eyed over a manager sleep walking the champions into a relegation battle.
Some of my friends have had the audacity to suggest he’d be ideal for Arsenal.


If people generally think Leicester owners are good “custodians” after what they did to Ranieri, then I’m afraid I don’t understand Football any more…..

Andy Mack

They made a profit for the club, which one day may be converted to a profit for Stan, but it isn’t his profit yet…


He owns the club so any profit is his (or the 70+% he owns). He may not have received any cash yet but he will, either as fees or dividends or, more likely, when he sells the club.

Andy Mack

That rather depends what state the club is when he sells it. If the club made 12m this season but lost 6m last season, then next season could wipe out the other 6m. The fees bit they’ve done twice (not the last year I think) could be iffy, especially as they give so little info. If he’d invested purely in a business then he’d expect a far greater dividend that the club could give him at the moment. It’d be a really poor investment. So yes, one day he could sell and get a great return on his money, but… Read more »

Gutbukkit Deffrolla

If you make it to the final of the Champions League you make much more profit than if you go out in the round of 16. If Stan is only interested in profit then he would want us to make the final every year. I doubt he tells Wenger to make sure to get into the CL but not to try to win it. Winning makes you money. Stan thinks Wenger is the man who can win. The fact that we don’t win everything every season must make him sad, just like it makes us sad, but only a psycho… Read more »


This is all noise you are making …
In fact we are lacking a lot in the team
And this must be corrected as soon as possible ..
Taking into consideration our current form , arsenal can’t compete for top six ..
This must be given attention…



The press has been saying we will fall out of top 6 for the last 5 seasons.

They also said Spurs would finish above us for the last 5 seasons because Wenger is tactically extinct and Spurs always hires great young managers like say AVB.


does anyone give a crap?
Prefer Arsenal to be sold to some oligarch/sheikh and win premier league titles and compete for the champions league


Course they do.

OUr future is in our own hands.

With Sheik or Oligarch, you are at their mercy.

Do you even think?

Gutbukkit Deffrolla

You don’t have the soul of a Gooner. Arsenal don’t do “Win at any cost”. That’s for scum teams like Citeh and Chel$ki.

If your only satisfaction from being a Gooner comes from Arsenal winning stuff then you’re not.


Good we made profit but we need more commitment from our players. they should be at their best for the remaining 13 epl matches so that we can maintain our top 4 position.


They should try to win all remaining 13 matches. That should be the challenge Wenger should issue.

chippy's chip

Shouldnt that be the case for every match at every stage of the season in every competition?


Just remember that when Wenger took over, our financial strength was no greater than Spurs or Chelsea (pre Abrammovich). He’s taken us to real heights but also transformed the club to be able to compete against some debt financed clubs with the stadium. Currently we are growing other revenue streams to take pressure off of the stadium (and ticket prices) The branding of the club has also increased many folds under Wenger’s tenure regardless of the last ten years and his woes in winning the big prizes. So long as there is this stable base at a high MINIMUM standard,… Read more »

Dixon's Awesome Own Goal

Your comment about being in the same financial position as Chelsea and Spurs before Wenger is dubious at best. Bates was busily trying to bankrupt the former and SirLordDickface had not long turned around consistent losses for the latter. And we were already a far more successful club than both of them.

Praise Wenger for his footballing achievements at the time: his great man-management of the old guard and players purchased. Don’t make stuff up to so you can make him look like some sort of Warren Buffett of football.

chippy's chip

Both spent time in the old div2 not too long ago. “Save the bridge” begging buckets at cfc home games in early 80s. Roman moved the goalposts and Usmanov would move them back given the chance. As for the spuds,bring on st totteringhams day!! Kroenke out!


“We will of course continue to screw our season ticket holders for the highest prices and develop our VIP box money-spinning to prevent any influx of young supporters. By forcing broadcasters to pay more every year we also hope to screw anyone who doesn’t come to games (or likes to watch away games) by ensuring that tv subscriptions will also rise. We will further hinder supporters by agreeing to play matches at any weird times on whatever days tv requires without concern for home or travel arrangements. These policies will continue to make money for our owners and main shareholders… Read more »


arsenal’s youth tickets rarely sell out, and our Cat C games rarely sell out, so stop with the bull that young fans are being priced out of going. They might not be able to afford to go every game, but there is no excuse for anyone who wants to go not being able to get tickets for Cat B and CatC games and our youth section. And it was reported at start of the season that Arsenal away fans get the biggest reduction of any BPL club, as the club subsidize the cost. Arsenal have no more a say in… Read more »


Why are the tickets unsold then? If prices are reasonable then they will sell.
EPL clubs have agreed a standard away ticket price. The reason Arsenal tickets get the biggest subsidy is that the prices are so high to start with. Away supporters are there at half the price of home fans.
I know TV sets times, that was my point: if clubs weren’t so interested in the money, they would stand up to object to those timings. It’s not just AFC, all clubs are putting TV money ahead of fans.

Gutbukkit Deffrolla

Would you be watching Arsenal every week if they weren’t on TV?


Yes, I do!


the tickets for cat c don’t sell cos too many fans decide that watching arsenal v the likes of hull, swansea, sunderland etc etc is not a big enough draw, the ticket prices for the games v chelsea, man utd, man city, spurs liverpool, west ham are way more expensive but they sell out in a flash. it seems for too many fans its only the big games they want to go to.


I don’t think season ticket holders (generally) think they are being swindled. Otherwise they wouldn’t renew every year. Would they?


Sanchez must get new contract as other gets and is the only player we are having so far who can lift up and up Arsenal.

Granit(e) hard!

Seriously?..only him?, and we’ve got to retain him at any cost?, even if his demands are unreasonable? (as is being rumored), no I don’t think so pal, so also do a number of other fans, judging by the thumb downs.

Gutbukkit Deffrolla

So if he is the key to Arsenal’s success, why aren’t we at the top of the PL table and holding a 5-1 advantage over Bayern Munich? Seems to me if we caved in and gave him whatever amount he asked for then this time next year we’d be in exactly the same position we are in now. Do you seriously think paying him much more money than he gets now will make him such a good player that he will single-handedly make us successful next season? He’s good but he ain’t that good.


Yawn… I couldn’t make a toast this morning because my toaster was broken

Canon Fodder

If are finances are that healthy then why the 3% raise in Club Level season tickets? This is shameless profiteering!

Dixon's Awesome Own Goal

interesting that this story sits beside that of Santi’s woes. We are either a ruthless, profit focussed business, or a club that looks after players who will probably not add much future value to the business.

I’m personally glad we look after those players, but it’s not the rational business decision.


arsenal extending injured players contracts and the donations they make to the likes of sutton and to the local community and charities is an unconvenient truth that those who claim AFC is only interested in making money just will not acknowledge as it puts so many holes in their argument.

Granit(e) hard!

A 100m plus investment in the squad this season is reasonable, which is why most fans are not up in arms like last year when a similar trading result and cash reserve was announced. I think the club management deserve a huge pat in the back for achieving a similar trading result, despite the substantial investment in the squad for the same period. More importantly, what is now needed to maintain our squad’s developmental upward trajectory is continuous investment in the squad, EVERY year!…….none of these “we can’t find quality to better our squad nonsense!”. If Bayern, Real, Barca etc.… Read more »


And season tickets inevitably going up.what a load of money making bollocks.


So how much has the community gained.

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