(Reuters) - Arsenal made an overall loss of 17.7 million pounds ($22.29 million) in the 2023-24 financial year despite record revenue after wage costs increased nearly 40% as the Premier League club announced their financial results on Wednesday.
The club had a 32% increase in revenue from 2023 (466.7 million pounds) to 616.6 million pounds thanks to their return to the Champions League, where they reached the quarter-finals, as well as a strong performance in the Premier League where they finished second.
The return to Europe's top tier tournament meant matchday revenue increased to 131.7 million pounds compared to 102.6 million pounds in the previous year while broadcasting revenue rose to 262.3 million pounds.
The club's wage bill increased to 327.8 million pounds, which was a significant increase from 234.8 million pounds in 2023.
"The increase was mainly driven by investment in player wages in both men's and women's teams. There was also an impact from increased commercial and operational headcount," the club said in a statement.
"The total profit on sale of player registrations was 51.1 million pounds (2023: 10.7 million pounds)."
Renewing and extending their deal with Emirates helped the club's commercial performance improve to 218.3 million pounds.
Arsenal also said they continue to be compliant with all applicable financial sustainability regulations put in place by European soccer body UEFA and the Premier League.
The North London club are second in the league this season, seven points behind Liverpool, while they are also through to the last 16 of the Champions League.
($1 = 0.7940 pounds)
(Reporting by Rohith Nair in Bengaluru; Editing by Christian Radnedge)
