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James Murray

Wed 4 March 2026 13:45, UK

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Arsenal should be concerned after their “massive” operating expenses have been revealed at the Emirates Stadium. 

That is according to former Manchester City financial adviser Stefan Borson, who exclusively told Football Insider the Gunners’ costs have increased due to a change in their merchandise agreement with Adidas.

Arsenal published their latest accounts on 25 February, showing their other operating expenses surged from £149million in 2023-24 to £203m last season.

The wage bill at the Emirates also rose from £328m to £347m across the same period. 

However, Arsenal are in a strong financial position after their revenue improved from £616m to £691m, marking a new club record. 

How Arsenal’s costs have ‘more than doubled’

Arsenal have been making efforts to improve their commercial revenue in recent years, with their income in that department rising from £222m in 2023-24 to £264m last season. 

Elsewhere, matchday revenue at the Emirates surged from £132m to £154m, while broadcast increased from £262m to £273m.

Arsenal could break their revenue record again this season if they manage to claim the Premier League title, with Mikel Arteta’s side currently top of the table.

Speaking exclusively to Football Insider, Borson discussed the Gunners’ latest financial figures.

“I think there is some concern around the other operating expenses, so all the other costs of the business,” said Borson. 

“Those have gone from £75m in 2021-22 to £200m in this latest year, so it’s a massive increase. It’s more than doubled over only three years. 

“That will be some concern, although a big chunk of that is a change in the way that they merchandise with Adidas, their replica and merchandise.” 

How Arsenal have achieved strong commercial growth

Borson highlighted some potential issues with Arsenal’s kit manufacturer deal with Adidas as they look to increase their commercial revenue.

“Although they’re getting very good growth in terms of that part of the commercial, if you look at it from the commercial perspective, the commercial revenue line from the same period has gone from £147m in 2021-22 to £264m,” said Borson. 

“Again, that’s almost not far off doubled as well. But there’s a lot of extra cost in there that comes in because of the way they changed how they merchandise their product, i.e. they effectively do a lot more of it in house.

“That means there’s a lot more cost. That means they have a lot more people on that side of the business and less of it is handled by the manufacturer.”