Arsenal Holdings Limited
Financial Results for the Year Ending 31 May 2024
Arsenal Holdings Limited has officially submitted its consolidated financial statements for the Arsenal Group for the year ending 31 May 2024 to Companies House.
The total loss for the year amounted to £17.7 million (2023: £52.1 million). There were no exceptional items affecting the loss for the 2023/24 year, in contrast to the previous year, which included exceptional costs of £18.1 million related to the impairment of player registrations.
The improvement in the underlying results is attributed to a return to UEFA Champions League participation, where the club advanced to the quarter-finals, alongside a commendable performance in the Premier League, where Arsenal was at the top of the table for a significant part of the season, ultimately finishing in second place. This sporting achievement, coupled with the club’s commercial strategy, resulted in notable revenue growth. Revenue for the year reached a record £616.6 million (2023: £466.7 million).
The Arsenal Women’s team concluded the 2024/25 season in third place in the Women’s Super League and captured the League Cup. The team played six matches at the Emirates Stadium, setting a new WSL attendance record with 60,160 tickets sold for the Manchester United game in February 2024.
The results for the year can be summarized through the following key components:
| 2024 £m |
2023 £m |
|
|---|---|---|
| Adjusted operating profit from football | 138.2 | 116.1 |
| Exceptional costs (player impairment) | – | (18.1) |
| Amortisation and impairment of player registrations (non-exceptional) | (171.1) | (139.1) |
| Profit on sale of player registrations / Loan of players | 52.4 | 12.2 |
| Property trading profits | 1.3 | 0.8 |
| Net interest costs | (18.4) | (6.2) |
| Other | (20.1) | (17.8) |
| Loss before tax | (17.7) | (52.1) |
| Loss before tax (excluding exceptional costs) | (17.7) | (34.0) |
Football revenue for the year totalled £613.5 million (2023: £464.6 million) with growth observed across all primary revenue streams.
The return to Champions League football saw a total of 25 home fixtures, which increased matchday revenue to £131.7 million compared to £102.6 million in the previous year. The average attendance for all men’s home matches was 60,095 (2023: 60,082).
Broadcasting revenues increased to £262.3 million (2023: £191.2 million), primarily due to higher UEFA distributions from the Champions League compared to the UEFA Europa League in the prior season.
The club’s commercial performance, in the second year of a revitalized strategy, showed robust growth, with revenues climbing to £218.3 million (2023: £169.3 million). The renewal and extension of our partnership with Emirates led the charge, supplemented by the naming rights deal for the Sobha Realty Training Centre and a greater number of secondary agreements at improved valuations.
Arsenal’s retail operations also achieved significant growth, exceeding ambitious targets, and our summer 2023 tour in the USA generated improved revenues. The commercial strategy was further bolstered by strong supporter-focused marketing campaigns enhancing the club’s global brand.
Wage expenses rose substantially to £327.8 million (2023: £234.8 million), largely driven by increased player wages for both men’s and women’s teams, along with a rise in commercial and operational staffing.
Total profit from player registrations amounted to £51.1 million (2023: £10.7 million), with player loans generating £1.4 million (2023: £1.5 million). Player trading profits remain a significant contributor to overall profitability, though the club faced challenges due to market conditions, resulting in diminished liquidity as clubs’ acquisition budgets were constrained by financial limitations.
There was limited activity in the Group’s property development operations, generating revenue of £3.0 million (2023: £2.1 million).
Net finance charges increased to £18.4 million (2023: £6.2 million), reflecting a combination of heightened borrowings and rising market interest rates. The accounting requirement to apply a notional interest rate for player transfers paid in installments had an impact of £6.5 million (2023: £nil).
After adding player registrations at a cost of £255.7 million, the book value of intangible fixed assets (player registrations) rose to £486.6 million (2023: £417.0 million).
As of year-end, the cash position stood at £66.8 million (2023: £42.8 million). The renewal of season tickets for the 2024/25 season showed strong performance, although the timing of these renewals meant their cash impact was partly deferred until June.
Financial backing is primarily provided by the ultimate parent company, KSE UK Inc., wholly owned by the ultimate controlling party, Mr. E. S. Kroenke. Throughout the year, KSE UK Inc. supplied funds to support the club’s transfer activities and address working capital needs as required.
The club continues to adhere to all relevant financial sustainability regulations established by UEFA and the Premier League.
The consecutive qualifications for the UEFA Champions League for both the men’s and women’s teams in 2024/25 signal a positive trajectory for the club, and we anticipate an exciting conclusion to the 2024/25 season.
Copyright 2025 The Arsenal Football Club Limited. Quotations from this article may be used with appropriate credit to www.arsenal.com as the source.
