Kieran Maguire: Arsenal are ‘trying to pull the wool over my eyes’ amid £64m reveal
Arsenal are trying to “pull the wool” over the eyes of analysts by announcing different accounts for their holding and subsidiary companies.
That is the view of finance guru Kieran Maguire, speaking exclusively to Football Insider about the Gunners’ most recent set of accounts.
Last Friday (2 December), Arsenal announced a loss of £45.5million for the year ending 31 May 2022.
But those figures were taken from the club holding company, Arsenal Holdings Limited, who have not yet filed their accounts with Companies House.
Maguire explained that the PLC’s accounts, which have been uploaded to Companies House, paint a slightly different financial picture.
“Trying to get to the bottom of Arsenal’s accounts is difficult,” he told Football Insider’s Adam Williams.
“Arsenal Football Club PLC, which has to submit its accounts six months after the company year-end on 31 May, has posted a significant loss of £64m from day-to-day operations.
“At the same time, the club put out a press release for Arsenal Holdings, which is the parent company, announcing different figures.
“They could easily send the accounts of Arsenal Holdings to Companies House but they have chosen not to do so. We aren’t going to see those accounts until the end of February.
“Putting that to one side, Arsenal have lost a lot of money, They have lost £45m according to the Holding Company’s figures, while the club itself’s figures show a loss of about the same.
“I think the club is trying to pull the wool over my eyes here.
“They have been losing money. A few years ago, they were the most profitable club in Premier League history, but there is no doubt that has since reversed and that title belongs to North London rivals Spurs.“
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