Arsenal count the cost of failure after European exit hits revenue
Arsenal’s shock Europa League defeat by Olympiacos will cost them tens of millions in lost revenues, leaving them in an ever more perilous financial position as they desperately strive for a return to the Champions League.
Arsenal have made no secret of their need to revisit Europe’s premier competition if they are to be financially sustainable, and Thursday’s 2-1 defeat at the Emirates ensured they cannot qualify for the Champions League through winning the Europa League.
The loss, sealed in the final moments of extra time, meant that Arsenal would miss out on the money from a tournament that brought them £40million last season.
It comes as they filed accounts for last season, showing a total loss after tax of £27.1million, as the club continue to pay the price for failing to return to the Champions League.
The Europa League remains far less lucrative than the Champions League, but Arsenal’s run to the semi-finals in 2018 and the final in 2019 meant participation at least softened the blow of being outside Europe’s primary competition in the past two seasons.
The £40million earned from last year’s run to the final, when they lost to Chelsea, included prize money from progressing through the knockout rounds and matchday income from the last-16, quarter-final and semi-final ties.
In terms of prize money alone, Arsenal’s defeat this week means they will miss out on more than £8million in contrast to last year. If they had won this year, they would have been in line for a further £3.4 million in prize money.
The lower number of home games will also knock their matchday revenue, which according to analysis by Deloitte made up 25 per cent of their revenue last season.
The club could face further financial losses on their season tickets, which include the first seven home matches in the FA Cup and Europa League. There can now be a maximum of six games in those competitions this season, meaning that thousands of supporters are in line for a partial refund, potentially costing a further £4.5 million.