Arsenal announce record £422m turnover

Arsenal enjoyed a record turnover during 2016/17, taking an colossal £422.8million. The figure is an increase of more than 20% on the previous year.

The Gunners may have missed out on the top 4, but winning the FA Cup has lead to an increase in profits from £2.9m to an impressive £44.6m.

'We are well placed to compete at the highest levels on & off the pitch... we have an outstanding squad,' Arsenal CEO Ivan Gazidis said.

What is not pretty reading for Arsenal, however, is that they have seen their cash reserves fall from £226.5m to £180.1m, while their wage bill rose by £1m to £195.4m.

Wages accounted for almost half (47%) of their total revenue during the last campaign.

Gazidis, Arsene Wenger and majority shareholder Stan Kroenke will face the club's shareholders at the Emirates on October 26.  

Missing out on the Champions League this season could cost the club around £20m.

Gazidis added: "Our ambition is clear - to win major trophies. In order to compete at the top, we need to strive to be better than our competitors in everything we do.

"That is why during the past season we have continued to make substantial investments to drive the club forward.

"At the top of the pyramid, we have scaled up our investment in our first-team squad significantly in recent years, spending a net £203m in transfer fees in the last three seasons.

"We have transformed our training ground and completed a total rebuild of our academy. We are focused on ensuring that the structures, in terms of people, expertise and facilities, in place around the manager and the players are the best that they can be.

"By getting that environment right, down to fine tuning the detail, we optimise our chances of achieving the results we want on the pitch."