Arsenal Holdings Limited has now filed its consolidated accounts for the Arsenal Group for the year ended 31 May 2025 at Companies House.
The overall loss for the year was £1.4 million (2024 - £17.7 million). This result was impacted by £15.2 million (2024 - £Nil) of exceptional costs relating to impairment of player registrations.
The improvement in underlying results reflects strong performances in both the UEFA Champions League, where the club reached the semi-finals, and in the Premier League, where the club finished the season as runners-up. Football performance combining with the club’s commercial strategy has enabled significant revenue growth. Revenue for the year was a record level of £691.0 million (2024 - £616.6 million).
During 2024/25 and subsequently in the 2025 summer transfer window, the club again invested strongly in the development of its men’s first-team playing resources. This investment recognises that qualification for UEFA competition represents a pre-requisite in moving the club back to operating from a self-sufficient financial base.
A third season of qualification for the UEFA Champions League demonstrates the positive momentum the club has generated which saw the club finish top of the UEFA Champions League table in the league phase last month with eight wins out of eight.
Our principal objective is to compete for and win major trophies, and Arsenal Women delivered against that objective in superb fashion by lifting the UEFA Women’s Champions League trophy, beating FC Barcelona 1-0 in a thrilling final. A fantastic achievement for everyone connected to Arsenal.
2025
£m
**2024**
**£m**
Adjusted operating profit
143.0
139.5
Exceptional costs (player impairment)
(15.2)
\-
Amortisation and impairment of player registrations (non-exceptional)
(176.6)
(171.1)
Profit on sale of player registrations / Loan of players
81.7
52.4
Net interest costs
(17.7)
(18.4)
Other
(21.6)
(20.1)
Loss before tax
(1.4)
(17.7)
Profit/Loss before tax (excluding exceptional costs)
13.8
(17.7)
Football revenue for the year was £690.3 million (2024 - £613.5 million) with increases from all our main revenue streams.
The new format and our progress to the semi-final stage of the Champions League meant there were 30 home fixtures and matchday revenue increased to £153.9 million compared to £131.7 million in the prior year. Across all men’s home fixtures, the average attendance was 60,047 (2024 – 60,095).
Broadcasting revenues rose to £272.8 million (2024 - £262.3 million). The reason for this being principally the higher levels of UEFA distribution from Champions League.
Commercial performance was strong across the board and revenues were again significantly improved to £263.2 million (2024 - £218.3 million). The renewal and extension of our agreement with adidas led the way on partnerships and was supported by a full year of revenue from Sobha Realty and an increased number of secondary deals at improved valuations. The club’s retail operations delivered another excellent set of results with revenues some 27% up on the record level established in the previous year. Commercial performance was strongly supported by fan-focused marketing campaigns aligned to the development of the club’s global brand.
Wage costs increased to £346.8 million (2024 - £327.8 million). The increase was mainly driven by investment in player wages in both men’s and women’s teams. There was also an impact from increased commercial and operational headcount.
Our operating costs rose sharply to £200.8 million (2024 - £147.9 million) reflecting increased staging costs, specific direct costs of delivering increased revenues, certain residual property matters and inflationary pressures.
The total profit on sale of player registrations was £81.2 million (2024 - £51.1 million) and player loans amounted to £0.5 million (2024 - £1.4 million). Player trading profits continue to have a significant impact on overall profitability.
Net finance charges fell to £17.7 million (2024 – £18.4 million). This reflects a combination of higher borrowings and higher market interest rates together with the accounting requirement to apply a notional interest rate where player transfers are being paid on instalments which had an impact of £4.3 million (2024 - £6.5 million).
Following additions to player registrations at a cost of £123.9 million and amortisation charges, the book value of intangible fixed assets (player registrations) decreased to £399.0 million (2024 - £486.6 million).
The year end cash position was £56.0 million (2024 - £66.8 million). The renewal of season tickets for the 2025/26 season was again very strong, but the timing of renewal meant that the cash impact of this was partly deferred until June.
Strategic funding is provided mainly by the ultimate parent company, KSE UK Inc., which is wholly owned by the ultimate controlling party, Mr. E. S. Kroenke. During the year KSE UK Inc. provided funds both to underpin the club’s transfer activities and for working capital purposes as required.
Chief Executive Officer, Richard Garlick, commented: “These financial results show a positive trajectory as we continue to pursue major trophies, following our second successive season back in the men’s UEFA Champions League in 2024/25.
“The investment in our teams, supported by revenue growth, resulted in strong campaigns for both our men’s and women’s teams last season.
“Our industry continues to face challenges in terms of the level of investment it takes to compete at the highest level in the face of rising costs in a regulated environment. This remains an important consideration as we look ahead.
“As we move into 2026, it’s an incredibly exciting time to be part of Arsenal. We continue to build something special on the back of these improved financial results. Our teams are pushing on to do everything we can to deliver major trophies and I want to thank all our staff for their passion and commitment to achieving our goals.
“The next few months represent a great opportunity for us all and it’s important we continue to build momentum together."
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