Arsenal have said the effects of the Covid-19 pandemic were the main reason for losses of £107.3m for the year end May 2021 after releasing their latest consolidated accounts on Monday. The figure was more than double the £47.8m loss for the same period in 2020. “The results for the financial year have been materially impacted by the coronavirus pandemic, which caused the majority of matches for the 2020/21 season to be played behind closed doors,” Arsenal said in a statement. “For matches played behind closed doors there was a complete loss of ticket (and other matchday) revenue. Pre-tax losses (unaudited) of £85m are considered to be attributable to the impacts of Covid-19.” With only two out of 31 home games in the period having any fans present, match-day revenue was down £75m to £3.8m, the club said. However, the match-day losses were offset by an increase in broadcasting revenues (£184.4m) reflecting distributions relating to the completion of the 2019-20 season and the club’s progress to the semi-finals of the Europa League. The club made a profit of £11.8m on player sales, down from £60.1m in the previous year, and spent £244m in wages. “The financial challenge remains significant, but the club continues to have the unwavering support and commitment of its ownership, Kroenke Sports & Entertainment,” the statement said. Arsenal are well-placed to finish in the Premier League’s top four which would see them return to the Champions League for the first time since the 2016-17 season. They are two points behind fourth-placed Manchester United but have three games in hand.