Arsenal’s rugged rebuild: No top four and €770 million spent on players in the last five years
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Arsenal recorded an all-time high pre-tax loss of €143.6 million in Mikel Artetas’ first full season in charge, leading them to their second 8th spot in a row and a semi-final in Europa League.
The Gunners are in the midst of a comprehensive rebuild – booting players out for free and signing new prospects has diluted the club’s cash reserves from €260 million three years ago to €21 million.
Why it matters: Five years outside the top four spots, investing €770 million in players and still no output. Is the great rebuild finally looking up for Arsenal?
The perspective: Arsenal needs Champions League football again, as next year’s accounts will see another spike in player- related expenses and no income from European Football.
3 March 2022 - 3:56 PM
The 2020/21 season started off incredibly well, with the Gunners winning the FA Cup against Chelsea at the beginning of August, and three weeks later gaining their 16th community shield on penalties against Liverpool.
But Arsenal seemed to have peaked before the season had really begun, because the club ended up with another 8th place finish in the league.
The current season is therefore the club’s first without European football since 1995. The road back to the top
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