Arsenal summer transfer plans thrown into chaos as embarrassing Europa League exit costs them £60million – The Sun

ARSENAL are staring into a financial black hole following this week’s shock Europa League exit.

Managing director Vinai Venkatesham is still counting the full cost of Thursday night’s Emirates defeat by Olympiacos.

But he fears it will leave the Gunners at least £60million worse off than England’s four Champions League contenders this year.

And with the club now in real danger of failing to qualify for Europe for the first time since 1995, the situation could be about to get a whole lot worse.

And that would have grave consequences for Mikel Arteta’s plans for a major summer overhaul of his squad – with the likes of Dayot Upamecano, Jonathan Tah and Jonathan David targeted.

Failure to progress beyond the last-32 means that Arsenal will only bank around £15m from this season’s European campaign.

That is less than half of the £40m they received for reaching last year’s Europa League final, when they were soundly beaten Chelsea in Baku.

Yet even that windfall could not prevent them from reporting a £23.5m loss for the financial year as a direct consequence of an absence of Champions League football.

Spurs and Liverpool both made around £90m for getting to last season’s Champions League final while beaten quarter-finalists Manchester City and Manchester United each received £84m.

Those figures have put Arsenal at a huge financial disadvantage to their "Big Six" rivals and now they are set to miss out on Champions League qualification for a fourth consecutive year.

Arteta had been targeting Europa League victory as his team’s best way of clinching a Champions League place for next season.

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