Premier League club Arsenal reported financial results for the 2023-24 season that reflected huge gains in matchday, broadcast and commercial revenue.
Overall, revenue rose 32% to £617 million ($777 million based on current exchange rates). The previous record was £467 million during the 2022-23 season—property development and player trading represented less than 1% of revenue each fiscal year.
The strong results highlight the impact that UEFA Champions League can have on a club. Arsenal returned to the competition for the first time since the 2016-17 season and made the quarterfinals. Arsenal received a $101 million distribution versus $28 million the prior year when it was in Europa League. Overall, broadcast revenue rose 37% to $330 million.
In contrast, Manchester United reported second-quarter results Wednesday with a 42% drop in broadcast revenue after not qualifying for Champions League this season.
Arsenal is one of the most valuable soccer clubs in the world, but its revenue has substantially lagged its fellow Big Six Premier League teams in recent years. That’s no longer the case, after back-to-back seasons as EPL runners-up to Manchester City. Arsenal currently sits second in the Premier League table again, this time behind Liverpool.
Last season, Arsenal had 25 home games at Emirates Stadium that generated $166 million in matchday day revenue, a 28% increase from the prior year. Commercial revenue also jumped 28% to $280 million. The club highlighted the renewal of its agreement with Emirates and the naming rights deal for the Sobha Realty Training Centre.
Arsenal’s wage bill soared during the season to $413 million, up 40%. Player costs represented the bulk of the increase, but the club also added commercial and operational headcount.
The Stan Kroenke-owned team eked out a $900,000 operating profit, which is a major improvement from the $58 million loss the prior season. Arsenal generated more revenue than Kroenke’s American football team, the Los Angeles Rams, but as a result of the different player cost structures between the NFL and EPL, the Rams turned an operating profit of roughly $200 million.