Arsenal’s long-running mission to sign a goalscorer is set to end. But the drawn-out saga, which will culminate in Viktor Gyokeres becoming a Gunner, is emblematic of Stan Kroenke’s ownership style.
In 2022-23, 2023-24 and 2024-25, Arsenal finished 2nd in the Premier League. That is a joint-record, which they share with Arsene Wenger’s team between 1998-99 and 2000-01.
Last season, however, many expected the North Londoners to end their 21-season wait for a league title if they could only sign a striker.
Sporting Clube de Portugal striker Viktor Gyokeres celebrates scoring a goal
Photo by Diogo Cardoso/Getty Images
Mikel Arteta’s side scored 69 times in the league last season. For context, that was only five more than 17th-place Tottenham. It was also 22 fewer than they managed in 2023-24.
Their top scorer was Kai Havertz. His 15-goal haul has been about the average for Arsenal this decade, which is well down on the numbers of whoever was leading the line posted in the preceding years.
Season Arsenal top scorer Goals
24/25 Kai Havertz 15
23/24 Bukayo Saka 20
22/23 Bukayo Saka 15
22/23 Martin Ødegaard 15
22/23 Gabriel Martinelli 15
21/22 Bukayo Saka 12
20/21 Alexandre Lacazette 17
19/20 Pierre-Emerick Aubameyang 29
18/19 Pierre-Emerick Aubameyang 31
17/18 Alexandre Lacazette 17
16/17 Alexis Sánchez 30
15/16 Olivier Giroud 24
14/15 Alexis Sánchez 25
13/14 Olivier Giroud 22
12/13 Theo Walcott 21
11/12 Robin van Persie 37
10/11 Robin van Persie 22
And while injuries to Gabriel Jesus and Havertz exacerbated the situation, the lack of firepower isn’t a situation that crept up on Stan Kroenke and his team in N5.
Going into January, when eventual champions Liverpool were still just about within Arsenal’s reach, all the talk was of signing a striker to give them a fighting chance in the second half of the season.
But while there was a failed bid for Aston Villa’s Ollie Watkins and constant chatter about Viktor Gyokeres, Alexander Isak, Dusan Vlahovic and umpteen other goalscorers, none materialised at the Emirates.
Arsenal owners Stan Kroenke and Josh Kroenke take in a game from the directors' box
Photo by Catherine Ivill – AMA/Getty Images
Why? Because Kroenke wasn’t prepared to inject his own money into the club and pay a premium during a window when clubs are famously held to ransom. The 77-year-old billionaire has loaned Arsenal £324m over the years which he won’t be getting back any time soon, and he wants the club to be self-sufficient.
In one sense, it’s good business acumen. The best-run clubs prioritise value over retail therapy in the transfer market, after all. Look at Liverpool, for instance. However, to not sign anyone at all, not even an interim solution, was – in the eyes of many Arsenal fans – unforgivable.
Seen through the lens of Kroenke’s moneymen six times away in Denver, Colorado, the financial difference between finishing 1st and 2nd didn’t justify a potential outlay of £100m-plus to sign a world-class striker mid-season. In their risk-benefit analysis, the numbers didn’t add up.
Chart showing TV revenue per Premier League club for 2024-25, with TBR Football logo
Premier League TV revenue per club Credit: Adam Williams//TBR Football/GRV Media
Now, however, as revealed by TBR Football, Sporting CP centre-forward Gyokeres will sign for Arsenal in a deal worth around £65m, potentially within the next 48 hours. The Swede, 27, is expected to earn around £200,000 per week, which equates to around £50m over the course of his contract.
It’s a huge financial commitment but one which, as the latest data reveals, is well within Arsenal’s means.
Respected football finance analyst Greg Cordell – who is the author of the Vanity, Sanity and Reality newsletter – has forecast Arsenal’s accounts for 2024-25.
The Gunners won’t release their audited figures until the end of February next year, but there is confidence among every expert TBR Football has spoken to that the Gunners are on course for a record year.
Cordell concurs, estimating that Arsenal will set a new turnover benchmark of £675m, breaking club records across all three primary revenue streams: broadcast (£283m), commercial (£241m) and matchday (£150m).
This thread provides initial/rough *estimates* for Arsenal’s 2024/25 financials (P&L; inv; CF; debt), w/ a full Substack write-up forthcoming.
Key P&L metrics estimated to improve YOY:
– Rev of £675m (+£61m; +9.9%)
– Adj EBITDA of £165m (+£25m)
– Pre-tax profit of £18m (+£35m) pic.twitter.com/C2oMD1pUMN
— Greg Cordell (@gregorypcordell) July 7, 2025
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Perhaps the most-striking of those figures is matchday income. Last season, only Manchester United surpassed Arsenal’s total in this category, earning £137m to the Gunners’ £131m.
Based on United’s quarterly accounts – which, unlike Arsenal, they are obliged to publish because they are a publicly listed company – Arsenal’s £150m will be the highest in the Premier League for the season.
It will be only the second time in the Premier League era that United have been knocked off top spot as the division’s biggest earners through the turnstiles, with the exception of the pandemic-affected seasons.
Chart showing the matchday incomes of Arsenal, Manchester United, Liverpool, Manchester City, Chelsea and Tottenham for TBR Football
Big Six matchday income graph Credit: Adam Williams/TBR Football/GRV Media
At £150m, Arsenal’s matchday earnings would be enough to pay for Gyokeres’ transfer fee and his wages over the rest of his contract, with around £45m in change.
The spike in ticketing income is primarily attributable to the club’s run in the expanded Champions League, as well as the increasing emphasis on hospitality and commercial opportunities on matchdays.
Arsenal still have plenty of PSR headroom despite big-money Viktor Gyokeres deal
Once he has arrived at the Emirates, Gyokeres will take Arsenal’s headline net spend for the summer so far beyond £120m.
However, they have no concerns as far as the Premier League’s Profit and Sustainability Rules (PSR) or UEFA’s Football Earnings test are concerned.
Cordell predicts Arsenal will post a profit before tax of around £18m, which will be their first surplus since Kroenke took 100 per cent control of the club in 2018.
Arsenal pre-tax profit and loss figures graph
Arsenal profit and loss account Credit: Adam Williams/TBR Football/GRV Media
Last week, Chelsea and Aston Villa were among the clubs penalised by UEFA for exceeding the European Football Earnings Test, as well as the Squad Cost rule.
But Arsenal’s anticipated profit in 2024-25, combined with a modest loss that will swing to a profit when allowable costs are deducted, will mean the Gunners have no such issues.