5. Arsenal

Deloitte Football Money League 2011

2010 revenue 2009 revenue 2009 position
€274.1m (£224.4m) €263.0m (£224.0m) (5)

Arsenal retain fifth place in the Money League, posting core football revenues of £224.4m (€274.1m) to maintain their position as the second highest ranking English club in the Money League. Whilst football revenues remained flat overall, the club also earned a further £157m (€192m) from property development.


The financial benefits derived from the Emirates stadium are regularly acclaimed. In 2009/10 the club consistently achieved its now customary capacity attendances, averaging 59,765 for home league games, though five fewer home matches (27) were played than in 2008/09, contributing to the 6% fall in matchday revenue from £100.1m (€117.5m) to £93.9m (€114.7m). Four fewer home games were played in domestic cup ties. But on a positive note, matchday revenue per match rose from £3.1m (€3.7m) to £3.5m (€4.2m) implying that if the club performs well in future cup competitions substantial matchday revenue increases will follow.

Broadcast revenues increased by 14% in 2009/10, to £86.5m (€105.7m), up from £75.8m (€89.0m) in the previous season. This uplift is partly attributed to higher distributions from the Premier League, which contributed £51.7m (€63.1m), as the team finished third in the league rather than fourth, as in 2008/09. And whilst in 2009/10 Arsenal fell one round short of reaching the semi-final of the Champions League (as in the previous season), distributions from UEFA rose from €26.8m (£22.8m) to €33.4m (£27.3m), driven by the overall increase in value of UEFA’s new broadcasting and commercial contracts for the competition.

In previous years we have noted how, in terms of commercial revenues, Arsenal lagged behind other elite European clubs. This remained the case in 2009/10, when commercial revenues reduced by £4.1m (9%) to £44.0m (€53.7m). The decrease can be attributed to a mixture of the economic climate, the lower number of home games which resulted in lower merchandising and catering revenues, and less successful Champions League and FA Cup campaigns meant lower revenues were generated from some sponsorship contracts.

Emirates hold stadium naming rights under a long term deal worth a reported £90m (€110m) extending to 2020/21, which also includes shirt front sponsorship rights until 2013/14. The club’s kit deal with Nike has also been extended, and improved, to run for a further three years to 2013/14. Bound by such long-running partnerships, it may be that substantial increases in commercial revenues are not achievable in the short term, although the club renewed its secondary sponsorship deal with Lucozade Sport and secured Thomson Sport as its new travel agency partner in 2010.

Arsenal is committed to its mission of financial self sufficiency and has a strong and stable business model. Its investment in its stadium has provided the business with a solid foundation. In the longer term, if its strategy of pursuing international commercial development is successful, it could provide The Gunners with a financial strength matched by few clubs.

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