Premier League giants Arsenal recorded a post-tax loss of £45 million this year.

The Gunners, who did not play in any European competition last season, felt the financial impact of that absence.

Despite the club trimming their wage bill by around £32 million, they did not earn enough to avoid losses.

The lower wage bill is due to "£6.7 million of exceptional costs in the prior year in relation to staff reorganization and headcount reduction," the club stated.

"On the player side, there has been a process of restructuring the men's first-team squad to improve the efficiency of spend; this includes changes made in earlier years but where the full benefit has only been realized in the 2021/22 figures."

Arsenal moved on high earners such as Alexandre Lacazette and Pierre-Emerick Aubameyang.

However, a significant outlay on new signings, including Gabriel Jesus and Oleksandr Zinchenko from Manchester City and Fabio Vieira from Porto, also impacted the financials.