Arsenal Chairman Chips Keswick has conceded defeat ahead of the return leg clash with German side Bayern Munich in the UEFA Champions League next week.
Keswick knows Arsenal would need more than a miracle to come back against Bayern after losing 5-1 in the opening leg.
There have been renewed criticisms against the manager Arsene Wenger who despite record transfers spending has not achieved anything different this term. However, he has kept the club afloat financially.
Keswick announced a pre-tax gain of £12.6 million on a six-month period up to the end of November last year. He added that the team would give their best in the return leg at the Emirates but could not say anything further.
“Everyone, including Arsene, our players, board and staff share our fans’ disappointment at our first-leg result against Bayern Munich. But we will approach the second leg with professionalism and a desire to reclaim pride,” he said.
The turnover for Arsenal increased to £191.9 million, compared to £160.2 million last year.
“During the summer the club made significant investments in new players with £110.5 million added to the cost of player registrations. Cash payments relating to these and certain past transfers were £86.6 million and, as a result, the Group’s cash and bank balance was significantly lower at £123.7 million, compared with £226.5 million at the start of the period.
“Certain elements of the transfer fees payable are deferred and payable in instalments with an amount of £64.6 million still to pay, of which £42 million is payable within the next 12 months,” Keswick added.
Contract renewals and increased expenditures on players’ wages added to the revenue. Keswick said the increased revenue from the league broadcasting has affected player coast in terms of transfers and wage demands. He warned clubs to watch their “contractual commitments” even though having the best players has helped the league. This could be a hint that Arsenal might not agree to the increased wage demands of Alexis Sanchez and Mesut Ozil.