Arsenal brought Gunnersaurus back from the brink of extinction on Tuesday.

Arsenal have reported a loss for the second financial year in a row, suffering a £47.8 million ($66m) loss in 2019-20.

The latest figures show the club’s financial results until the end of May last year, before the end of the Premier League’s three-month suspension because of the Covid-19 pandemic.

The Gunners declared a £27.1m ($37m) loss for the 2018-19 financial year, the first time the club had a loss since 2002.

The report states that £35m ($48m) of the last year’s pre-tax losses that are attributable to Covid-19 are made up of £14m ($19m) of lost matchday revenues, the deferral of £34m ($47m) of broadcasting revenues into the next financial year and £6m of other commercial and broadcasting revenue losses.

Those losses are offset by cost savings of £19m ($26m), including the wage reduction scheme that the first-team squad agreed to last year.

However, the Gunners expect the impact of the Covid-19 pandemic to be more evident in next year’s financial report due to the lack of paying spectators and other cutbacks.

Arsenal raised £60.1m from player sales, having offloaded Alex Iwobi to Everton and Krystian Bielik to Derby among others. But the club spent £182.2m ($252m) registering new players, including the likes of Nicolas Pepe, Kieran Tierney, William Saliba, Gabriel Martinelli, Pablo Mari and David Luiz.

The Gunners have spent £234.5m ($324m) on wages, a reduction of £400,000 from 2019, and spent £10.4m ($14m) in changing the coaching staff as Unai Emery was sacked in November 2019 and replaced by Mikel Arteta.

Commercial revenue for 2019-20 stands at £142.3m ($197m), an increase from the previous year’s £110.9m ($152m) figure thanks to the renewed partnership with Emirates and a new kit partnership with Adidas. The increase would have been greater had they not been eliminated from the Europa League at the last-32 stage.

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