Arsenal have announced a pre-tax loss of UK£23.5 million (US$30.94 million) for the year to 31st May, compared with a UK£97.4 million (US$128.2 million) profit 12 months earlier, reports, www.sportspromedia.com/.

Overall revenue was down from UK£388.6 million (US$511.5 million) to UK£367.5 million (US$483.8 million).

The Premier League outfit have pointed to a number of contributors for the financial downturn. Revenue from outgoing transfers fell from UK£122.3 million (US$161 million) to UK£16.8 million (US$22.1 million), with the club stating that average annual profit from player sales over the past five seasons, including 2019/20, is UK£34 million (US$44.8 million).

The annual wage bill was reduced slightly from UK£204.9 million (US$269.8 million) to UK£200.8 million (US$264.4 million).

Playing in the Uefa Europe League, European soccer's second-tier club competition, has also had an 'adverse impact' on revenue, the club admits. Despite reaching this year's final, where they lost 4-1 to Chelsea, Arsenal still earned significantly less than they would in the latter stages of the Champions League. They last sat at the top table of European soccer in 2017 and have failed to qualify for the tournament in the last three seasons.

Matchday revenue fell an alarming UK£30 million (US$39.5 million), despite average ticket sales increasing by 900 per game. The club have primarily attributed this to 'lower receipts of appearance fees from a fellow subsidiary', adding that 'this is merely a consequence of the way certain inter-company revenues were impacted by the delay in renewal of season tickets until after the Europa League final at the end of May 2019.'