Monday, April 22, 2024

Arsenal bolster revenue by €100 million, stay 10th in Deloitte money league

Arsenal bolstered their revenue by nearly €100 million in the past year, an increase of 23%, but remain 10th in the 2024 edition of Deloitte’s Football Money League.

The club enjoyed increases across the three main streams of revenue – matchday, broadcasting and commercial – and produced a notable upturn in form on the pitch.

Mikel Arteta’s squad achieved a second-place finish in the Premier League – the highest in seven years – to secure qualification for the Champions League. A run to the last 16 of the Europa League also helped bolster the coffers.

Of the teams in the top 10, only Barcelona (25%) posted a bigger percentage increase year-on-year than Arsenal (23%). The average increase in the top 20 was 14%.

At the same time, we still have some catching up on Sp*rs. A €90 revenue million gap in last year’s report has now increased to nearly €99 million. In theory, that should close over the next 12 months with the Gunners playing Champions League football this season while our neighbours watch Eastenders.

Interestingly, Deloitte have estimated a significant drop in the club’s wages-to-revenue ratio; down from 58% last year to 51% this time around. In 2021 it stood at a staggering 75%. Given the new contracts we’ve recently dished out, we can assume the number will rise again in 2025.

In total, there are six English teams in the top 10 wrestling for financial dominance with the usual continental giants. Despite Manchester City winning the treble, they’ve been knocked off their perch by Real Madrid. New commercial deals helped Barcelona move from 7th to 4th while CVC investment in Ligue 1 boosted PSG, who climbed up to 3rd.



  • Arsenal’s revenue grew by 23% in 2023 to €532.6 million (2022 = €433.5m). This is the highest total we’ve recorded according to Deloitte.
  • Matchday revenue (€118 million) made up 22% of the total; up €24 million but still the same percentage of total income.
  • Broadcast revenue rose to €220 million – an increase of €48 million in 2022 – primarily down to playing in the Europa League and new domestic TV rights being sold globally.
  • Commercial revenue increased to €195 million from €167 million. Adidas and Emirates deals were renewed on new terms and other commercial partners were brought on. It’s worth noting we’re not in the European top 10 on this front and lag considerably behind our English rivals.
  • Arsenal Women more than doubled their revenue generating €5.3 million (up from €2.2 million the year before). They sit 5th in the Women’s rankings behind Manchester City, Real Madrid, Manchester United and Barcelona.
Graphic courtesy of Deloitte Football Money League Report 2024
Graphic courtesy of Deloitte Football Money League 2024


1. Real Madrid | €831.4m
2. Manchester City | €825.9m
3. Paris Saint-Germain €801.8m
4. Barcelona | €800.1m
5. Manchester United | €745.8m
6. Bayern Munich | €744m
7. Liverpool | €682.9m
8. Sp*rs | €631.5m
9. Chelsea | €589.4m
10. Arsenal | €532.6m
11. Juventus | €432.4m
12. Borussia Dortmund | €420m
13. AC Milan | €385.3m
14. Inter Milan | €378.9m
15. Atletico Madrid | €364.1m
16. Eintracht Frankfurt | €293.5m
17. Newcastle United | €287.8m
18. West Ham United | €275.1m
19. Napoli | €267.7m
20. Marseille | €258.4m

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mach iii

Spurs are above us?

My God how we have fallen…

This is totally unacceptable. Someone has got to take accountability for this.

Bottling the league last season, bottling it this season, and now this.

I can’t.

Walter White

I’m struggling to find the reason why, when we are in CL.

Maul Person

NFL games? Beyoncé concert (and other such events)?

Al M

Because the figures are based on season before current one and were not in CL but spuds were

Walter White

Makes sense. Got confused by “2024 edition”


This season’s values have not yet been posted.

Per's cojones

Sp*rs ahead as unfortunately their new stadium is a money maker. Hate to say it but making it so they could have NFL games has really elevated their revenues

mach iii

omg North London is white! :'(”’

I’m really shocked, is this a case of the tortoise and the hare? The crawled right passed us, or should I say they Havertz’ right passed us.

They have had some shocking wins vs us.
We sign Eduardo, they signed Modric!
We signed Walnut (the epitome of mediocrity) and they signed Bale!

Someone needs to come clean and take accountability now!

mach iii

I actually think protests should be put on the cards. I can’t sit down while this is happening to us.

Santi’s Phonebox


Maul Person

Weird. We both reference revenue from NFL games and my comment gets thumbed down…

Not an issue. Just interesting to note.

mach iii

Agree brother, I got a lot of thumbs downs for speaking the brutal truth. Fans these days don’t want the truth. It’s clear as a cloudless day that the finances of the club are being run into the dirt. It shouldn’t even need to be said that our revenue should be more than twice that of Sp*rs, yet here we are. Disillusioned fans totally disconnected from reality, sitting behind their screens downvoting the truth. The new generations won’t take to the streets. Just mum and nod their heads accepting the bare minimum rations. This isn’t the Arsenal of Wenger, Bergkamp,… Read more »


Next years figures should see us around even with Spurs or just ahead.
Our CL revenue should be +45/60m and theirs -45/60m.
I also believe our commercials are linked to CL qualification and will see around 20% increase due to CL appearance over EL.
Let’s see…


maybe you should put yours in?


That is the only thing that they have to boast about over us and I don’t even expect that to last long. Even in this table there will be the ever eventual st totteringhams day!


I see Bayern and ManU as the true yardsticks. The top 4 in that list are basically crooks.

A Different George

Well, Liverpool.


The top 20 on that list are run by crooks. Said it once and I’ll say it again, it is the billionaires that are the source of ALL the problems in the world. They buy politicians to fob off those problems onto any other scapegoat they can find – typically immigrants, the woke left or the alt-right conspiracy theorists –> pick your favourite poison. Fk them all – Kroenke included.


We must burn all the money of the world then!


Fucking eh man! Now you’re getting it!!

Per's cojones

20% increase in commercial rev is a good start and I believe this is the revenue stream we have the highest potential in growing esp with CL back. Would love to see the books of the Citeh and how they ended up with a 825m figure considering their empty stadium and lack of fans. I guess all those 115 bogus Etihad contracts bolstered the coffers..


Is Spurs being above us due to player sales? I can’t make any sense of it, even if you take into account the CL-Europa gap last season. “Well they’ve got the largest club stadium in London now” mate most people wouldn’t even consider that London. And why would anyone want to sponsor them? Baffling!


‘It’s worth noting we’re not in the European top 10 on this front and lag considerably behind are English rivals.’ Should be our not are….


Well, I guess there is a 200m swing if you consider only the Rice acquisition and Kane departure.


Impressive. We’ve got the 10th best money, but I’d say we are over-performing that metric, I’d have us about the ~6th best team.

Tomiyasu vain

Fourth mate, and even then on Liverpools heels. Otherwise Only City and Madrid ahead of us. Barca and Bayarn are shadows of themselves


What a load of crop. We were the 6 th rich club in world football a few years ago, and spurs was no where to be seen. Now you are putting spurs above Arsenal is a lie. Arsenal sell more merchandise world wide than the unknown spurs merchandise as they are hardly recognised all over the world having won nothing. If it is based on players brought and sold then how comes Chelsea is above Arsenal, seeing as they spent a record breaking £400 million plus on players. Why was that not deducted from their revenue?. It’s all a load… Read more »


think you mistaken between pure revenue and profit.


Everyone flapping about this needs to calm down

Check out the figures next year when we find out how much we made from this year’s CL run (at least QF I hope) and qualify for it again

ian hatchman

Think 1 or 2 are missing the point, we as a club have been mis- managed for well over 15 years + and the last 7 8yrs have coinsided with a slight rise in spuds fortunes (if only for a limited time! no trophies!!) now we seem to be on our way back this last 2years with everybody from fans through to the club, as a whole we now see a difference not only in mentality but financially as well and to be slightly behind the wanabees down in the swamp should not give fans too much concern, bear in… Read more »


I didn’t think Arsenal had filed its accounts yet?


Any idea when the official financial results will be out?



A Different George

Author answers Admin. Garlick and Edu?


In my dream, I was two Blogs playing with each other.


As we shake off the knock-on effects of the Sanllehi era, the picture will improve. Unfortunately, money is the most important requirement for building/maintaining a winning top league football club. But Arsenal is well positioned to increase their income. The squad is relatively young, too, so if we manage to do better at selling (something blogs always reminds us we’re not great at), that’ll help too. Not for nothing did Wenger refer to ECL qualification as a fifth trophy, and it becomes clearer now what a job he did for us in winning that trophy during the transition from Highbury.… Read more »


A given Levy has got a lot of things right, even when those loathsome scum wanted him out, as hard as it is to accept is he has built them a modern stadium which is to capitilise on NFL/Boxing/Music concerts in the off season which we are behind, although we’ve paid for our stadium, the Emirates as good as it is does need investment, what also is surprising is that little blue west London club with a 42,000 capacity spending way beyond us with transfers and 8 year contract salaries are in front of us, i can’t recall Ed Shearan… Read more »

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