Arsenal Supporters Trust has warned its members to expect a restricted summer transfer window for the club as the Gunners feel the financial ‘impact’ of the coronavirus crisis.
Football’s current suspension has led to many clubs feeling the financial squeeze amid a lack of revenue, with reports indicating Arsenal are set for significant losses amid a potential return to football behind-closed-doors.
Mikel Arteta’s side are amongst the Premier League sides to have already agreed pay-cuts with their staff following the global pandemic, with the majority of the club’s first-team squad and core coaching staff having agreed to a wage reduction of 12.5%.
However, Arsenal Supporters Trust has now addressed the financial concerns in an email to it’s members, warning fans to expect minimal spending during the summer transfer window, with the clubs cash reserves potentially being ‘wiped out’.
“The reduction in income from playing BCD for the rest of the season will knock £23m from available cash at the end of the season as will the absence of season ticket renewals (£70m),” the email reads. “The combined impact will leave little spare cash this summer, especially if sponsors withhold part of their advance payments for season 2020-21.
“Arsenal’s available cash reserves heading into the summer of 2020-21 could be wiped out and a new borrowing requirement of over £50m being required by the end of July if the club is to meet its commitments to pay other clubs instalments due on player transfers and finance wages in June and July. So we certainly don’t predict a big spending transfer window!”
A report earlier this week suggested the Gunners will look to utilise free transfers and swap deals in a bid to keep costs under control, Chelsea’s Willian having been strongly linked with a cross-London switch.