Arsenal have enjoyed a remarkable start to the season in the Premier League - but the Londoners' latest financial results made for some bleak reading on Friday.
The Gunners will spend Christmas at the top of the tree, but they have certainly felt the pinch off the pitch after missing out on European football for the first time in 25 years last year. The effect of the pandemic, which saw games played behind closed doors, also had an impact as Arsenal recorded a post-tax loss of £45million.
Reassuringly, though, for Arsenal fans, the club - including Gunners boss Mikel Arteta - have already responded to those losses. While overseeing the club's revival on the pitch, the Spaniard has successfully managed to trim Arsenal's wage bill, which now sits at £212.3m (down from £244.4m a year earlier).
Those figures are even more impressive when you take into account the amount Arsenal have forked out to strengthen their squad over the past 12 months: the Londoners splashed out over £150m on new signings last summer and also paid significant fees to land the likes of Gabriel Jesus and Oleksandr Zinchenko this year.
And while Arsenal's wage bill is still more substantial than most others in the Premier League, it is significantly less than that of their old rivals, Manchester United.
United are currently sitting 11 points behind Arsenal in the top-flight, but they are shelling out £150m more on wages than the Londoners; a truly staggering figure.
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Michael Regan/Getty Images)After a tumultuous 12 month period, United are rebuilding under new boss Erik ten Hag. The Dutchman has been backed in the transfer market and spent in excess of £200m in the summer.
They have also just offload their highest earner in Cristiano Ronaldo - but they have a long way to go to match the savings of Arsenal, who have been particularly ruthless over the past 12 months.
Former Gunners skipper Pierre Emerick-Aubameyang - a high-profile player who had not performed - was culled last January. Fellow veterans David Luiz and Willian, veteran players who were also raking in significant salaries, were shown the door at the start of last season as part of Arteta's revamp.
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Photo by Marc Atkins/Getty Images)It is not out of the question that several of United's high-earning fringe players could follow Ronaldo out of the club in the coming months. The likes of Aaron Wan-Bissaka and Donny van de Beek have both struggled for minutes and been linked with moves away, while the jury is still out on club captain Harry Maguire, who has lost his first-team spot.
First-choice goalkeeper David de Gea, who has been at Old Trafford for more than a decade, is desperate to stay at the club and there have even been suggestions that he would be willing to take a cut on his reported £375,000-a-week salary in a bid to earn a new long-term deal.
Following Arsenal's lead is easier said than done, though. The Gunners endured some short-term pain while making cuts (Aubameyang's absence did little to aid their Champions League hopes last year, for example).
But Arsenal are now reaping the rewards - and it's more than likely that things will be looking even rosier for Arteta and his new-look side this time next year.
