LONDON: Arsenal revealed a record of more than £107.3 million ($143 million) for the fiscal year ending May 31, 2021 on Monday.

Following losses of less than £50 million the previous year, the Premier League club’s latest financial statement revealed their highest ever post-tax losses.

The coronavirus pandemic was blamed for around £85 million of that loss, as Arsenal only played two games in front of a crowd at the Emirates Stadium during the 2020-21 season.

“The results for the financial year have been materially impacted by the coronavirus pandemic, which caused the majority of matches for the 2020/21 season to be played behind closed doors,” an Arsenal statement said.

“For matches played behind closed doors there was a complete loss of ticket (and other matchday) revenue.

“Despite playing 31 home matches (23 Premier League, including four fixtures deferred consequent to the 2019/20 season suspension, six UEFA Europa League and two domestic cup ties) only two of these games were played with any fans present.

“As a result, matchday revenue fell by some £75 million to £3.8 million.”

During the pandemic, Arsenal’s first-team players agreed to a voluntary salary cut of 12.5% to help reduce the club’s £244 million payroll bill.

Arsenal announced an increase in ticket pricing for the 2022-23 season just hours before the financial numbers were disclosed.

Supporters will pay an additional 4% to watch Mikel Arteta’s side next year, marking the first stadium-wide hike in eight years.

“We recognise that no one welcomes price increases, and this decision has not been taken lightly,” the statement said.

“Ultimately in the face of continued rising costs, we need to continue to drive growth in all our revenue streams, including matchday, as part of our aim to return our finances to a break-even position in the medium-term.”

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