Arsenal have published their financial accounts for the year ending May 31st 2019, the first under the private ownership of American businessman. It reveals that the club made a pre-tax loss of £23.5 million over the year.
The loss comes just a year after the pre-tax profit of £97.4 million the club made during 2017/18, a difference of £120.9 million.
In recent years, Arsenal have been reliant on selling players in order to top up the cash reserves, with players such as Alexis Sanchez leaving the club in order for them to add to their power to be able to bring new players in.
Arsenal made just £16 million from player sales during the time, which is over £100 million less than the previous year. The accounts do not include any money earned or spent during the last summer transfer window.
Revenue has also fallen from £388.6m to £367.5m, which the club appear to attribute that to delay in renewing season tickets after Europa League Final.
The loss will be a worry to Arsenal fans, but big new commercial deals with the likes of Adidas are still to be taken into account, which should bring a boost to the accounts over the next financial year.
Arsenal also retain a cash balance of £107m.
The club's highest paid director has also gone from £2.7m to £846,000, since the departure of Ivan Gazidis.
