Revealed: The cost replacing Emery with Arteta at Arsenal
Arsenal suffered losses of close to £50 million during the 2019/20 season, with a significant proportion of that spent replacing former manager Unai Emery with Mikel Arteta.
The club published their accounts on Friday and announced losses of £47.8m. In the previous year, they had suffered losses of £27.1m.
Much of this was attributed to the pandemic, although it was recognised that losses were mitigated by much of the playing squad agreeing to wage cuts.
Arsenal’s accounts state: “For 2019/20 pre-tax losses (unaudited) of £35m attributable to Covid-19 comprise lost match day revenues of £14m, deferral of £34m of broadcasting revenues into financial year 2020/21 and £6m of other commercial and broadcasting revenue losses, offset by cost savings of £19m, including the wage reduction scheme agreed by the Men’s First Team Squad.”
While Arsenal were hard hit by the loss of revenue, they also spent big sacking former manager Emery and replacing him with Arteta and a new coaching team.
“The exceptional costs incurred of £10.4m (2019 – £3.9m) were attributable to a number of changes in the First Team coaching and support personnel.”
Emery vs Arteta at Arsenal
The Gunners, meanwhile, note that the effects of the past 12 months are likely to stretch significantly into the future.
“The impacts of the pandemic have extended into season 2020/21 and are ongoing. Matches continue to be played without fan attendance and consequently the club is operating without one of its key revenue streams,” Arsenal’s accounts add.
“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.”
Arsenal have typically been one of the Premier League’s more financially prudent clubs over the last 20 years. Indeed, before the 2018/19 season, they had not posted a loss in their finances since 2002.