Arsenal financial results: Gunners reveal £23.5m loss for 2018-19

Arsenal are 10th in the Premier League table

Arsenal have revealed a pre-tax loss of £23.5m for the year to 31 May, compared with a £97.4m profit 12 months earlier.

The reversal is attributed to revenue from outgoing transfers reducing from £122.3m to £16.8m.

The Premier League club says average annual profit club from player sales over the past five seasons, including 2019-20, is £34m.

Playing in the Europa League rather than the Champions League had an “adverse impact”.

Arsenal also confirmed their fifth-placed finish last season was below the pre-season target of…