Arsenal’s ongoing Champions League absence has not been so costly | David Conn

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Even if the Gunners miss out in the Europa League for the third year running, Uefa’s ‘market pool’ will soften the blow for now

For Arsenal, victory in the Europa League final in Baku – Uefa’s widely condemned choice of venue – carries the greater significance of qualification for next season’s Champions League than for Chelsea, who finished third in the Premier League and are thus qualified. Although the margin was fine for Unai Emery in his first season as manager, finishing fifth by a point behind Spurs, defeat in the final would mean a third consecutive failure to qualify for Arsenal, a continuing blow to football status and financial heft.

Cash consequences of missing out on the Champions League can be exaggerated, informed by a vague perception that Uefa’s euros mark the divide between the Premier League’s richest clubs and the rest. Arsenal themselves stated in their 2017-18 annual accounts that they sustained a £35m drop last season in “football revenue” – all its earnings, essentially, except a £15m profit made from Islington property development still being reaped 12 years after the Emirates Stadium opened in 2006.

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from Football | The Guardian https://www.theguardian.com/football/2019/may/27/arsenal-failure-champions-league-europa-league

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