Arsenal announce record losses of €120million

Profit on player sales earned the club just £11.8m as likes of Mustafi and Ozil negotiated the termination of their contracts to move elsewhere

Arsenal have announced a record loss of more than £100m (€119.7m) for the year ended May 31, 2021 - attributing the majority to the impact of the coronavirus pandemic.

After losses of less than £50m the previous year, Arsenal posted post-tax losses of £107.3million in their latest financial statement - the biggest in the club's history.