On Monday Deloitte published their Football Money League for the 23^rd time:

The revenue figures show just how Arsenal have stood still in the last decade whilst other clubs have moved ahead.

On paper, the 11^th highest revenue in football does not seem disastrous, but we have now moved behind Tottenham and have the 6^th highest revenue in the Premier League.

TV Money is the big swinger, with Arsenal earning £78million less than Tottenham. This difference is almost all accounted for from Champions League football and shows just how damaging to the finances missing out on top 4 is. If TV money was reversed, Arsenal would have revenue £90million ahead of Tottenham.

On a side note, Daniel Levy must be worried about how he is going to pay off the stadium debt if they fall out of the top 4. They are already struggling to finance new players with Champions League football.

Arsenal are still heavily reliant on match day revenue – 25% of our income relies on gate receipts. No other club in the top 20 is as reliant on match day revenue as Arsenal.

Where Arsenal are falling behind is when it comes to commercial revenue.

£111million came in from commercial deals in 2018/19, which leaves Arsenal in 13^th. The fact Spurs have overtaken Arsenal in terms of commercial revenue is worrying – especially as they have not sold naming rights to their stadium.

These figures were prior to the new Adidas deal, however it should be taken into account that some of those above us also have new deals.

Arsenal earn £75million less from commercial revenue than Liverpool. Add in a further £78million in broadcasting and it is easy to see the reason why Arsenal have fallen so far behind the European Champions. That is a combined £153million less Arsenal earn from broadcasting and commercial deals.

Liverpool are becoming the standard-bearer for a well run club.

They do not have the sugar daddy of Chelsea, PSG or Manchester City pumping in billions, yet they have created a side that is the best in the world at the moment. They have done this through pushing themselves to do better on and off the pitch. Both sides of the club working as one to become successful. They have not sat happy with what they have.

It was only a few years ago that they were scrapping around for 7^th or 8^th in the league. More years out of the Champions League than in. They turned it around and now are a force to be reckoned with.

Arsenal have no excuses for what is happening. It is just simply not good enough.

Vinai Venkatesham has been overseeing the commercial side of the club for nearly a decade. In that time we have seen a downward slide. We have sat still whilst other clubs have moved ahead.

That is not to blame everything on Vinai or call for his head, but Arsenal need to stop getting excited about mediocre deals.

What is clear from the Deloitte Money League is just how much work Vinai and Raul Sanllehi need to do at Arsenal to turn the ship around.

You can not build a successful football without successful finances. At the moment every team in the top 6 is generating more than Arsenal, and therefore has more to spend. Until that turns around we will struggle to return to the top 4.

Keenos

For a superb analysis on the Deloitte Football Money League, read the fabulous below thread from Swiss Ramble