Arsenal have released their accounts for the year ending 31 May 2019 and it shows a drop from a pre-tax profit of £97.4m to a pre-tax loss of £23.5m.

Arsenal have no money.

That’s what we hear a lot of these days about the club that used to have lots of money they just wouldn’t spend.

Then they splashed the cash while the football got worse along with their bank balance.

James Benge has been tweeting the main takeaways from the report which you can read below or on his Twitter feed.

https://twitter.com/jamesbenge/status/1203263066659577856

https://twitter.com/jamesbenge/status/1203265127396642817

https://twitter.com/jamesbenge/status/1203268811673210883

As Arsenal look for a permanent replacement for Unai Emery, they are said to be reluctant to have to pay any sort of major fee to get a coach out of a current contract due to a ‘limited budget’.

That even rules out Mauricio Pochettino before the end of the season even though he’s no longer working for anyone.

Now we can see why.

From being one of the best run, most financially solvent clubs in world football to this mess in just a few seasons is quite the achievement.

Bravo.

Arsenal also removed a large amount of cash from their wage bill this summer, you can find out exactly how much here.