I think it's unlikely given that player sales typically account for a lot of income. Figures regarding negative net spend seem to vary a bit too depending on where you look but either way it's a big difference.
Even taking into above
@navidson's more conservative estimate of -£400m to our -£100m, that still leaves about £150m unaccounted for. Find it hard to believe they can continue spending such huge amounts every year without FFP getting involved very soon.
I was looking at there numbers the other day and I think that they are close to having a problem.
Kronke has injected significant sums in the last couple of years. The massive cash reserves ( circa £200 million ) are long gone. At the start of the 2021/22 trading year they still owed around £100 million in respect of historical transfers and in the summer 21 window they spent another £120+ million. The Stadium debt has been renegotiated at a one off cost of £32 million add to that they had a COVID loan of over £100 million which has been repaid but they didn’t have the cash on deposit to do that so eith Barclays or KSE have loaned them the money to settle the debt with HM Govt
Arsenal Supporters Trust were estimating the 21/22 trading year would mean another £100+ million loss.
Barclays Bank clearly have had to advance monies because they, Barclays , have now taken a charge against just about every asset the club has and that included advance TV monies.
Theres no doubt their wage bill will have shrunk or should I say will shrink in the 22/23 trading year but they have effectively paid players like PEA to leave.This going forward is a problem because the likes of Saka who is on quite small wages will justify a rise of over £100k a week and him getting into the last two years of his contract means Arsenal will have to make a significant deces sooner or later.
They are now 5 years without CL and had the 21/2 season without a decent FA cup run nor did they have any European football whatsoever and that meant they were 7 games short of the numbers their season ticket holders have to pay for that means that their match day receipts will be massively impacted going forward ( ST holders will get a reduction/ rebate for season 22/23)
Of course they still will have very decent shirt sponsorship etc but their major sponsorship deals will be up for renewal in a season or two. AST suggest that their deal with Emeriates and Addidas will have penalty clauses for non European qualification but that will be on top of their failure to qualify for the CL.
They really haven’t generated any significant transfer income for a while and will need to get players out of the door but they just don’t seem to be able to sell at decent value . For instance Guendozi who is now a full French International wont generate £15million
