Todays results explain why the AST has been pushing for more than three years for the club to   improve its commercial revenues.  The AST has met with all of the new commercial team members recruited by Ivan Gazidis for this purpose. It is an excellent team already making good progress on this objective.

As the AST correctly anticipated, even with the sale of Eduardo and a contribution from the property business, the club has made a small pre-tax loss. This is in part due to commercial income being static for several years as a result of the long-term deals signed to fund the building of the Emirates

Arsenals football costs are growing faster than their football revenues. The wage bill is set to increase by almost 10m this financial year on top of a similar increase the year before. We anticipate that by year end the wages to turnover ratio will have risen above the 50% for the first time since the move to the Emirates

Players wages are an issue across the football world and if other clubs continue to ignore both the spirit and the law of UEFAs financial fair play regulations then it will be supporters who end up paying the price.

The AST has today urged Ivan Gazidis not to pass on the increased costs of running the business, including player wages, to Arsenal fans. We already face an increase in season ticket prices due to the VAT increase and fear any further increases will price some fans out of the Emirates.

Instead of raising ticket prices the club must now expedite other forms of income. The new commercial team have to now deliver a successful overseas tour this summer and bring in some additional commercial revenues.

Despite the small loss and challenges identified, Arsenals underlying finances are healthy and we expect a small profit to be secured for year end. The AST supports Arsenals self-sustaining business model and remain of the view it is being well managed.

“The clubs cash reserves grew by 10million and the money set aside in the Transfer Proceeds Accounts remains ring-fenced for the manager.

“The AST today told Ivan Gazidis of the frustration our members feel when these resources are not used for team strengthening and urged the club to invest in further improving the squad this summer.

“Ivan Gazidis emphasised a lot of hard work and analysis goes in to ensuring the club gets the best return for its investment in the player pool in terms of wages and transfer fees and he remains confident he, Arsene and the team are following strategies that gives us the best chance of securing long-term success with the resources available.