Arsenal announced a record turnover for the '16-17 season, according to Liam Prenderville of the London DAILY MIRROR. The club released its latest financial results with its turnover increasing by £72.2M ($97M). It now stands at a record £422.8M ($568.2M), with the club's profit also increasing to £44.6M ($59.9M) from £2.9M. Last season was the first time Arsenal missed out on the Champions League in 21 years, "but that has not been taken into account." Arsenal also confirmed a "slight increase" in its wages after investing in the squad in the summer of '16. Club Chair Chips Keswick said, "The club's 13th FA Cup win was some compensation for the disappointment of dropping out of the Premier League's top four for the first time in 20 years." CEO Ivan Gazidis added, "Our ambition is clear -- to win major trophies" (
DAILY MIRROR, 9/28). In London, Daniel Matthews reported Arsenal has, however, seen its cash reserves fall from £226.5M to £180.1M ($242M), while its wage bill rose by £1M ($1.34M) to £195.4M ($262.6M). The club spent 47% of its total football revenue on wages during '16-17. Gazidis will face the club's shareholders at the Emirates alongside Manager Arsène Wenger and majority shareholder Stan Kroenke on Oct. 26. He revealed that the club's net spend on transfers over the course of the past three seasons has exceeded £200M ($268.8M). In '16-17, the £35M acquisitions of midfielder Granit Xhaka and defender Shkodran Mustafi helped the London club rack up a a net transfer spend of £102M. These are being "offset, to a small extent, by an increase in the loan fees" the club generated in recent years (
DAILY MAIL, 9/28).
