Arsenal have confirmed that the club suffered an operating loss of £107.3 million in 2021.
The dramatic drop was a result of restrictions stemming from the coronavirus pandemic.
The news comes on the same day that Arsenal raised their season ticket prices for the first time since 2014.
"Arsenal Holdings Limited has now published its consolidated accounts for the year ended May 31, 2021. The loss for the year after taxation was £107.3 million (2020 – loss of £47.8 million)," Arsenal confirmed in a statement released on the club's official website.
"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.
"For matches played behind closed doors there was a complete loss of ticket (and other matchday) revenue. Pre-tax losses (unaudited) of £85 million (2020 - £35 million (unaudited)) are considered to be attributable to the impacts of COVID-19."
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