COVID-19: Arsenal set to lay off 55 staff to reduce expenditure amidst dwindling revenue
Arsenal football club is set to lay off 55 staff from the team ahead of next season amidst the fall in revenue in the club. The North London side is one of the English Premier Side that its revenue is negatively affected by the COVID-19 pandemic.
Arsenal’s announcement that it will be laying off 55 staff from its Colney and Highbury training base is one of many plans to adopt to reduce the club wages in the face of the fall in revenue.
The English Premier League giant made the announcement today on the club website.
“Our aim has been to protect the jobs and base salaries of our people for as long as we possibly can. Unfortunately, we have now come to the point where we are proposing 55 redundancies.
We do not make these proposals lightly and have looked at every aspect of the club and our expenditure before reaching this point. We are now entering the required 30-day consultation period on these proposals” the statement from the club read.
The pandemic has affected he club disposable income of the fans, the money corporate clients have to spend on hospitality and sponsorship, and the ability for broadcasters to invest in TV rights thereby having an effect on the club revenue.
Although Arsenal is about to lay off 55 staff, they will be competing in the Europa League next season after winning the FA Cup this season.
The Mikel Arteta’s side finished 8th in the English Premier League this season and was on course to miss European competition next season before they won Chelsea in the FA Cup final at Wembley.
Despite their European qualification that will boost their revenue, the team is still exploring every means to cut their expenditure.
Arsenal is looking at selling some first-team players to raise funds for new signing ahead of next season.
Meanwhile, Arsenal has named 18-year-old sensation, Bukayo Saka as its player of the season. The Academy graduate beat of competition from Aubameyang and Bernd Leno to win the award.