Arsenal Responds As COVID-19 Hits Revenue

Less than a week after winning the FA Cup to secure their place in next season’s Europa League, Arsenal has announced plans to layoff 55 staff.

This is also coming as the football club  negotiated a multi-million pound contract extension with striker Pierre-Emerick Aubameyang.

The club said on Wednesday, that the cuts were the result of the financial impact of the COVID-19 pandemic.

The announcement sparked an immediate social media backlash from fans contrasting the huge sums involved with keeping key players to the lost jobs of staff at the north London outfit.

“Revenue from broadcasters, matchday and commercial activities have all been hit severely and these impacts will continue into at least the forthcoming 2020/21 season.” the club said in a statement.

The club said they had done all they could to reduce costs, including players, senior staff and executive team members taking voluntary pay cuts adding “but it is now clear that we must reduce our costs further to ensure we are operating in a sustainable and responsible way.”

Arsenal is also bidding to lure Chelsea forward Willian to the club, also on a huge weekly wage, while local media reports this week say they are offering striker Aubameyang a 300,000 pounds-a-week deal to extend his contract.

The wealth of the club’s multi-billionaire American owner Stan Kroenke,  had risen by around 300 million pounds this year, according to a report written and compiled by the United States-based Institute for Policy Studies, another fact not lost on fans voicing their frustration.

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