ARSENAL, despite the negative hype and talk of “bottling”, are definitely favourites to win the Premier League – five points clear with nine games to go after their 2-1 win against Chelsea at the Emirates Stadium. It could still go wrong for Mikkel Arteta’s side, of course, and the decider could still be the clash between the Gunners and Manchester City at the Etihad Stadium on April 18, but they are still in the driving seat.
The Premier League is only one aspect of their season, however, for Arsenal have every chance of reaching the Champions League final, they are in the EFL Cup final against City and they are odds-on to reach the last eight of the FA Cup. If they come out of 2025-26 without silverware, an inquest will surely take place.
Away from the pitch, Arsenal’s finances have grown substantially in the past three years, so it’s no coincidence they have become title contenders in that period, finishing runners-up in each of the past three seasons. During this timeframe, Arsenal’s revenues have grown faster (87%) than any of their “big six” peers, but at the same time, their wage bill has also accelerated (63%) at a greater pace.
In 2024-25, Arsenal were “nearly men”, with two semi-finals as well as their second place in the Premier. They went out of the EFL Cup and UEFA Champions League at the penultimate stage at the hands of eventual winners Newcastle United and Paris Saint-Germain.
Arsenal’s revenues in 2024-25 totalled £ 691 million, a new high for the club, of which broadcasting contributed 40%, matchday 22% and commercial activity 38%. All three revenue streams increased, with commercial rising 19% to £ 264 million, a record for the club but still behind all bar Chelsea among the “big six”. This stream was helped by the extension of their stadium-naming agreement with Emirates. Broadcasting, also a landmark figure for the Gunners, was up by 4% to £ 273 million. Matchday rose by 17% to £ 154 million, with Arsenal’s average attendance above 60,000 once more. Only Manchester United made more from matchday revenue generation.
Although they have often trailed behind their peer group when it comes to player sales, in 2024-25, they made a healthy £ 81 million which was 59% higher than 2023-24. Players sold during the season included Emile Smith-Rowe to Fulham for £ 27 million, Aaron Ramsdale to Southampton for £ 18 million and Eddie Nketieh moved to Crystal Palace for £ 25 million.
The club made a pre-tax loss of £ 1.3 million, an improvement on the £ 17.7 million deficit in 2023-24. This was the seventh consecutive lost made by the club, a stark contrast from the days when they made healthy profits, notably in 2018 when their profit amounted to £ 70 million. Arsenal’s net debt climbed by 10% to £ 302 million, with their cash balance of £ 56 million offsetting gross debt of £ 358 million.
The wage bill was up by 6% to £ 347 million, the fourth highest in the Premier League after Liverpool (£ 428 million), Manchester City (£ 408 million) and Chelsea (£ 353 million). Their squad, which includes no less than 18 internationals, is valued at € 1.2 billion with at least two € 100 million players in Bukayo Saka and Declan Rice in their ranks. Manager Mikkel Arteta, who was appointed in December 2019 and has a contract that runs out in June 2027, has built a strong squad that has clearly improved the club from a directionless team to title contenders. It has cost money, however, in the last three years, Arsenal have spent € 637 million, lower than the likes of supermarket trolley-sweepers Chelsea, but on a net basis, their € 470 million outlay in that period is the highest. It is all a far cry from “Kroenke Out” slogans sprayed on the walls and tunnels in the Emirates hinterland!
Game of the People was founded in 2012 and is ranked among the 100 best football websites by various sources. The site consistently wins awards for its work, across a broad range of subjects. [View all posts by Neil Fredrik Jensen](https://gameofthepeople.com/author/georgefjord/)