Ciaran Morrison

Fri 6 March 2026 21:00, UK

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Arsenal have got to win a major trophy this season to ensure their investment in the squad is worthwhile.

That is according to ex-Everton, Aston Villa, and Aberdeen chief executive Keith Wyness, speaking exclusively to Football Insider, after Arsenal released their latest financial figures.

The north London club’s wage bill rose from £328million to £347m across the 2024-25 season, with Mikel Arteta backed in the transfer market in a bid to win major silverware.

Arsenal remain in a strong financial position with revenue increasing from 616m to £691m across the same period.

Arsenal need to turn investment into trophies

Everton’s former chief Keith Wyness – who served as CEO at Goodison Park between 2004 and 2009 and now runs a football consultancy advising elite clubs – believes Arsenal need to “capitalise” on the opportunity to earn extra revenue.

Speaking on the new edition of Football Insider‘s Inside Track podcast, Wyness states the Gunners are at a “crucial stage” of the season.

He told Football Insider‘s Inside Track podcast: “The thing is they’re getting big in terms of the cost side. We know that Mikel has strengthened the squad and [Stan] Kroenke is backed in big time in terms of doing that. 

“But at the moment, you know, they’re still in all four competitions, as we know, in both cups in Europe and the title. They’ve got to convert something and, you know, a Champions League run to the final would be a huge revenue bonus, as we know, and to win the title would be a big revenue bonus. 

“So they’re at the stage now where they’ve had the investment, they’re in the running, but they’ve got to convert. And that’s the crucial stage they’re at.

“If they don’t convert, if they don’t win any of those four trophies that they’re in right now, you can imagine the kickback, and it would be a financial kickback as well, because there are opportunities there to really capitalise on the revenue and to make it worthwhile.” 

Expert shares concern with Arsenal’s accounts

Finance expert Stefan Borson told Football Insider that Arsenal’s rising operating costs should be of concern to the club.

Operating costs rose from £149million in 2023-24 to £203m last season, with the increase down to a change in their merchandise agreement with kit manufacturer Adidas.

Arsenal and Adidas have a long-term partnership which runs until 2030, reportedly worth around £75m a year.