Arsenal have confirmed that the club suffered an operating loss of £107.3 million in 2021 as a result of restrictions stemming from the coronavirus pandemic.
Covid-19 has caused huge financial difficulties across the world of football since first arising just over two years ago.
The Gunners are no exception, losing millions in revenue and as a result pushing up ticket prices.
What did Arsenal say about 2021 earnings?
Arsenal released its 2021 earnings report on Monday, and the reading was grim.
"Arsenal Holdings Limited has now published its consolidated accounts for the year ended May 31, 2021. The loss for the year after taxation was £107.3 million ($144 million)" Arsenal confirmed in a statement released on the club's official website.
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The release also reiterated 2020 losses of $64.15 million.
"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.
"For matches played behind closed doors there was a complete loss of ticket (and other matchday) revenue. Pre-tax losses (unaudited) of £85 million ($114 million) are considered to be attributable to the impacts of COVID-19."
What has caused Arsenal to lose money?
Unsurprisingly, as the club signals, loss of matchday and ticket income plays a huge part in their 2021 shortfall.
According to Arsenal's figures, matchday revenue fell from $100 million to $5.1 million in the past 12 months as a result of playing many home games behind closed doors due to the pandemic.
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The club was at least able to make up some of the difference through increased broadcasting revenues, which jumped from $159.58 million in 2020 to $247.4 million in 2021.
Delays in the season ticket renewals process also had a big effect on Arsenal's year-end financial position, with income from that sector down to $25.23 million compared to $147.63 million the previous year.
Fans upset with ticket hike
On the same day that Arsenal's losses were announced, the club confirmed that tickets at the Emirates Stadium would be rising by 4 percent, a move which was condemned by the Arsenal Supporters' Trust (AST).
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“The AST believes that the 4% ticket price increase is unjustified at a time Arsenal’s overall revenues are increasing and fans are experiencing other pressures on their disposable income," the body fired in reaction to the news.
"We pointed out to the club that in recent years they have secured big increases to other commercial and broadcast revenue streams and that the Premier League have just announced further big increases to future broadcast revenues and UEFA forecasting further increases too."
