“All through the COVID-19 pandemic now we have been working arduous to make sure that Arsenal Soccer Membership emerges in a strong and powerful place for the long run.
“In keeping with different soccer golf equipment and lots of different companies working within the sport, leisure and leisure enviornment, now we have been impacted instantly by COVID-19.
“Our fundamental sources of earnings have all decreased considerably. Income from broadcasters, matchday and business actions have all been hit severely and these impacts will proceed into at the least the forthcoming 2020/21 season.
“The pandemic represents one of the difficult intervals in our 134-year historical past and now we have responded promptly by implementing wide-ranging measures to cut back our prices. Our gamers, senior soccer workers and govt staff have volunteered pay cuts, now we have stopped just about all of our capital spending, and our discretionary working expenditure has been strictly managed.
“We’ve got additionally acquired vital monetary help from our homeowners, Kroenke, Sports activities & Leisure by way of refinancing our stadium debt. These steps have all decreased the influence of the pandemic on the membership and have helped us proceed to take care of funding within the staff. This may proceed to be a key precedence.
“It’s now clear that we are going to be going through extra vital and longer-lasting reductions in our income than all of us hoped.
“Present indications are that we are going to not have followers again at Emirates Stadium for the beginning of subsequent season and followers will solely have the ability to return in restricted numbers after that. The worldwide financial projections are additionally very destructive. This may influence the disposable earnings of our followers, the cash company purchasers must spend on hospitality and sponsorship, and the power for broadcasters to put money into TV rights.
“All of us hope there will likely be no ‘second wave’ however we additionally want to just accept that is among the many uncertainties forward of us and plan accordingly.
“Over latest years now we have constantly invested in further workers to take the membership ahead however with the anticipated discount of earnings in thoughts, it’s now clear that we should scale back our prices additional to make sure we’re working in a sustainable and accountable means, and to allow us to proceed to put money into the staff.
“Our goal has been to guard the roles and base salaries of our individuals for so long as we presumably can. Sadly, now we have now come to the purpose the place we’re proposing 55 redundancies.
“We don’t make these proposals evenly and have checked out each side of the membership and our expenditure earlier than reaching this level. We at the moment are getting into the required 30-day session interval on these proposals.
“We all know that is upsetting and troublesome for our devoted workers and our focus is on managing this as sensitively as attainable.
“These proposed modifications are in the end about making certain we take this nice soccer membership ahead, creating the correct organisation for a post-COVID world, and making certain now we have the assets to return to competing successfully on the high of the sport right here and in Europe.”