Arsenal received plenty of criticism for making 55 members of staff redundant last week.
Many players had taken a voluntary wage cut to help the club’s finances throughout the coronavirus pandemic and did so believing it would save jobs at the club.
However, in a club statement last week, financial chiefs Raul Sanllehi and Vinai Venkatesham admitted further cuts were necessary.
“We do not make these proposals lightly and have looked at every aspect of the club and our expenditure before reaching this point,” it read.
“We are now entering the required 30-day consultation period on these proposals. We know this is upsetting and difficult for our dedicated staff and our focus is on managing this as sensitively as possible.
“Our main sources of income have all reduced significantly. 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.”
That’s despite Arsenal rather unexpectedly winning the FA Cup and, therefore, receiving a financial boost by qualifying for the Europa League.
When you consider owner Stan Kroenke is worth more than £8 billion, Mesut Ozil is earning £350,000-per-week and the club are on the brink of handing Pierre-Emerick Aubameyang a bumper new contract, it’s not a great look.
But things are about to get worse with Willian set to arrive from Chelsea on a free transfer at the weekend.
It’s a free transfer so that’s fine for the finances, right?
That’s because, according to the Daily Mail, Arsenal will give 31-year-old Willian an eye-watering £220,000-a-week for three years.
When you consider his huge signing-on fee as well as loyalty payments and other bonuses, it’s expected to cost Arsenal a massive £35 million over three years.
£35 million to have Willian from the age of 32-35?
That doesn’t sound like good business, does it?
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