LONDON, United Kingdom, Aug 5 – FA Cup winners Arsenal announced on Wednesday they were planning to cut 55 jobs due to the damaging effect of the coronavirus pandemic on the club’s finances.
The Premier League outfit said their main sources of income had all been hit, including broadcast revenue, matchday takings and commercial activity.
Players and management have taken pay cuts during the COVID-19 lockdown but the club said further savings were needed to weather the storm.
“Our aim has been to protect the jobs and base salaries of our people for as long as we possibly can,” said a statement signed by head of football Raul Sanllehi and managing director Vinai Venkatesham.
“Unfortunately, we have now come to the point where we are proposing 55 redundancies.”
Arsenal, who failed to qualify for the lucrative Champions League, said the outlook was bleak.
“Current indications are that we will not have fans back at Emirates Stadium for the start of next season and fans will only be able to return in limited numbers after that,” the statement said.
“The global economic projections are also very negative.
“This will impact the disposable income of our fans, the money corporate clients have to spend on hospitality and sponsorship, and the ability for broadcasters to invest in TV rights.”