Arsenal were forced to pay £10.4million to sack Emery in favour of Arteta

Arsenal were forced to pay £10.4million to sack Unai Emery and replace him with Mikel Arteta, the club’s latest financial report shows.

Emery was dismissed as Gunners manager in November 2019 after just 18 months in charge, having overseen a miserable run of seven matches without a win at the time.

The Spaniard and his coaching staff were handed their P45s and in came Arteta, who guided Arsenal to FA Cup glory in his first half-season at the helm.

It proved an inspired decision to replace Emery with Arteta last term, but it cost the north London club a fair amount in the process.

Arsenal’s annual financial report for the year ended May 31, 2020, which includes the end of the 2019/20 season, shows the managerial change cost them a whopping £10.4million.

That was how much the club forked out to both sack Emery and his coaching staff and buy Arteta out of his contract at Manchester City, where he was working as Pep Guardiola’s assistant.

Overall they lost almost £50million in the last financial year, which has been blamed on the impact of the coronavirus pandemic.

It is the second year in a row that Arsenal have suffered a loss following an impressive 18 consecutive years of profit.

However, the true extent of their economic downfall is still to be told, as today’s accounts only run until the end of May 2020.

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  • Their pre-tax losses are said to be £47.8million, rising from £27.1million in the previous year.

    Playing behind closed doors amid the pandemic has cost Arsenal around £14million in lost gate revenue, while they also missed out on £34million of broadcasting cash, which was deferred to the current financial year.

    There was also a £6million drop in TV money when they were dumped out of the Europa League in the first knockout round last year.

    The Gunners did manage to save £19million on wages after imposing a 12.5 per cent pay cut when the virus first broke out, which was later reduced to 7.5 per cent when they won the FA Cup.

    They also decreased directors’ wages from £7million to £3million.

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