Arsenal have announced an overall loss of £45.5m in their financial results for the 2021-22 season. The Gunners failed to qualify for European football for the first time in 25 years in the 2020-21 campaign, which had a significant impact on revenue for the most recent season.

Broadcasting revenues were hit the hardest, as Arsenal recorded a total of £146m compared to £184.4m for 2020-21, when they reached the semi-finals of the Europa League.

However, the Emirates Stadium welcomed back a full crowd of fans after teams were forced to play behind closed doors in the COVID-disrupted 2020-21 season, which bumped matchday revenue up to £79.4m from a paltry £3.8m the year before.

Wage costs also came down from £244.4m to £212.3m for the 2021-22 season, following the exits of high-earning players such as Pierre-Emerick Aubameyang and Mesut Ozil.

“The 2021-22 season was the first for 25 years in which the men’s first-team had failed to qualify for UEFA European competition. The loss of the revenue associated with UEFA football was the principal contributory factor in terms of the overall result for the year,” a statement on arsenal.com read.