Arsenal announced their financial results for 2017/18, with the club in profit again - and up from the previous financial year.
The full results disclosed an operating profit of 75.4m for the year and a footballing revenue of 388.2m - which is actually a lower amount than the previous season, which saw us return an operating profit of 137.5m and a football revenue of 422.8m.
There are several reasons why Arsenal saw a shrinking of profit margins and football revenue in 17/18, and one of them can be attributed to the mass recruitment of players and backroom staff.
Sven Mislintat, Unai Emery, Raul Sanllehi were just some of the names drafted in to herald in the new dawn after Arsene Wenger left the club, and this, along with the purchase of players, was a direct reason why operating profits had lowered. Total staff costs rose to 223m, from 199m the year before.
Another reason was the continued participation of Arsenal in the Europa League, as opposed to the more lucrative Champions League.
The losses were offset by the club selling a property - one of two development sites - next to Holloway Rd station, and an interest rate swap on stadium finance.
Sir Chips Keswick, club Chairman, said, “Player trading has meant that overall Arsenal has had another profitable year, but we are very aware of the financial pressure that Europa League participation places on the club. A return to the Champions League is a clear priority, which everyone at the club is committed to delivering.”
With so much focus on returning to the top table of club football competition, the lack of finances to invest in the squad is at odds with the drive to return the club to former glories. With Unai Emery keen to strengthen his options, and some defensive wobbles showing we have some real work to do before the top four is a reality.
The club is operating well, but there is definite room for improvement on - and off the pitch.