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Arsenal could go in the red

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It is now looking increasingly unlikely that Arsenal will qualify for the Champions League.   This could lead to a drop in income of £30m and mean that Arsenal make a financial loss for the first time since they moved to the Emirates Stadium.

Arsenal would stand to earn about £17m from the Europa League instead of £45m from the Champions League.  They have made profits of less than £20m in four of the last five years and the loss of Champions League money could tip the balance.

Arsenal are on course to make a profit this season, especially with the money from the new Premier League TV deal.   However, especially if they have to spend heavily on new signings, they could end the year in the red.   The club already has the highest ticket prices in football.

Arsenal last made a loss in 2002, when they were £20.6m in the red.  Property sales from the old Highbury contributed to high profits between 2008 and 2012.   In 2016 they were down to £2.9m, their lowest in 14 years.