Arsenal boss Mikel Arteta admits missing out on Champions League football for a third consecutive season would have an ‘enormous’ impact on the club’s finances.
The Gunners were dumped out of the Europa League in dramatic fashion last Thursday when Olympiakos scored a dramatic extra-time winner, meaning Arsenal can only qualify for the Champions League via the top four.
That looks increasingly unlikely, with eight points separating Arteta’s tenth place side from Chelsea in fourth, although fifth place could be enough if Manchester City’s two-year ban from European competition is upheld.
Arsenal have spent relatively big since 2017 to try and inspire a return to Europe’s elite, breaking their transfer record three times in signing Alexandre Lacazette, Pierre-Emerick Aubameyang and Nicolas Pepe.
However, Arteta hints that the club may have to reconsider their methods and launch a restructure if the Gunners finish outside the top four again this season.
“The damage caused by the club not being in the Champions League for the third season is really big,” the Spaniard said ahead of the FA Cup clash with Portsmouth on Monday night.
“Financially the impact is enormous because the structure of this club is built to be in the Champions League and you can sustain that for one year or two, but then after you have to start making decisions.
“So we will have to make decisions one way or the other depending on the scenario we find ourselves in, whether we are in the Champions League, Europa League or nowhere near that.
“And we’ll have a very clear plan of what we want to do and depending where we are we have to act like this.”
Arsenal announced their first overall financial loss since 2002 on Friday, with the club recording a deficit of £27.1million after tax for 2018/19.
“Our player trading profit for this financial year was limited and this combined with a second consecutive season of Europa League football,” commented chairman Sir Chips Keswick.
“For 2019/20 we will see increased commercial revenues from Adidas and our renewed deal with Emirates but another season outside the Champions League will continue to apply pressure to our financial results.”
