LONDON: After submitting their latest consolidated accounts on Monday, Premier League club Arsenal stated that the impacts of the COVID-19 pandemic were the primary reason for losses of 107.3 million pounds ($144 million) for the fiscal year ending May 2021.

The loss was more than double the 47.8 million pounds reported for the same period in 2020.

"The results for the financial year have been materially impacted by the coronavirus pandemic, which caused the majority of matches for the 2020/21 season to be played behind closed doors," Arsenal said in a statement.

"For matches played behind closed doors there was a complete loss of ticket (and other matchday) revenue. Pre-tax losses (unaudited) of £85 million are considered to be attributable to the impacts of COVID-19."

Matchday revenue was down 75 million pounds to 3.8 million pounds due to only two out of 31 home games being attended throughout the period, according to the club.

The matchday losses were mitigated, however, by an increase in broadcasting earnings (184.4 million pounds), which reflected distributions related to the end of the 2019/20 season and the club's passage to the Europa League semi-finals.

The club made a profit on player sales of 11.8 million pounds, down from 60.1 million pounds the previous year, and spent 244 million pounds on wages.

"The financial challenge remains significant, but the club continues to have the unwavering support and commitment of its ownership, Kroenke Sports & Entertainment," the statement said.

Arsenal is well-positioned to finish in the top four of the Premier League, allowing them to compete in the lucrative Champions League for the first time since the 2016-2017 season.

They trail fourth-placed Manchester United by two points but have three games in hand.

Edited - SportsAction / Inputs - Agency