The "Daily Telegraph" website published an article, believing that in order to protect Arsenal's future, the Emirates Stadium must be renovated. The article wrote:
18 years ago, when the first full season at the Emirates Stadium came to an end, Arsenal's management was filled with a huge sense of achievement. Not only was the new, dazzling stadium completed on time and within budget, the club was finally able to reap the financial rewards of the move away from Highbury Stadium. "The relocation has been a huge success." Arsenal's then chairman Peter Hill-Wood wrote in the club's 2007 financial report, and this assessment is irrefutable. That season, Arsenal's matchday revenue more than doubled from Highbury's final season, from £44 million to £91 million, and the club's financial future looked bright.
In the 2006-07 season, the move to the Emirates Stadium made matchday revenue the main source of income for Arsenal. The club's management regarded the stadium as the financial cornerstone of all development, expecting it to bring "higher revenue, profitability, cash flow and financial strength" and help Arsenal rise to the top of domestic and even European football. However, this vision has never been realized. On the pitch, the Arsenal men's first team has neither won the Premier League nor the Champions League trophy since the move; off the pitch, the football industry is changing so fast that the importance of precious matchday revenue is rapidly declining. In just seven seasons, match day revenue was far exceeded by broadcast contract revenue.
Today, matchday revenue at the Emirates Stadium accounts for only around 20% of Arsenal's total revenue, while broadcast revenue is twice as important. While every aspect of football - broadcasting contracts, player wages, transfer fees, commercial revenue - has grown over the past 20 years, the Emirates Stadium's financial clout has waned by comparison.
A set of data is enough to illustrate the problem: in the 2006-07 season, Arsenal's match-day revenue was 91 million pounds; by the 2023-24 season, this number increased to 132 million pounds, an increase of 45%. During the same period, broadcast revenue soared from £44 million to £262 million, an increase of 495%; commercial income increased from £30 million to £218 million, an increase of 627%.
So why is Arsenal now planning a large-scale and expensive expansion of the stadium? This is largely because the financial landscape of football has changed again - albeit for different reasons and on a different scale than before, with matchday revenue becoming key again. The most fundamental reason is that at a time when the Premier League's financial restrictions are in place, and billionaire owners with ties to sovereign nations are constrained, every penny counts. Premier League clubs are looking for ways to maximize every revenue source, and infrastructure investments are not included in the Profit and Sustainability (PSR) assessment. From the perspective of PSR rules, stadium expansion is not only “cost-free” but can also bring huge benefits. Arsenal have seen the refurbishment of Anfield, the opening of Tottenham Hotspur Stadium and Manchester United's plans to rebuild Old Trafford know they have to keep up. Although the Emirates Stadium is not old, it is no longer a "new stadium". Although there have been some improvements to the course over the past few seasons, there is still a lot of room for improvement. In the words of Arsenal coach Mikel Arteta, "There's more juice to be squeezed out of this lemon."
In addition, it must be admitted that the Emirates Stadium does feel increasingly "outdated" - this outdatedness is not reflected in the appearance or style, but in the atmosphere on match days. It's certainly a great place to watch a game: the seats are comfortable and spacious, and the field of view is excellent, but it's far from the "oppressive" football battlefield that many fans crave. Compared with other football stadiums, the stands at the Emirates Stadium are wider and have a gentler slope. They lack the steep design that can create a warm and tense atmosphere during games. In some ways, the Emirates Stadium's low-rise stands feel more like a theater than a football stadium - especially compared with the towering, steeper stands at the new Tottenham Hotspur Stadium and Everton's Hill-Dickinson Stadium. For many Arsenal fans who attended the event, increasing the stadium capacity and building steeper stands would be changes they would like to see.
Another key financial factor for Arsenal considering renovating the Emirates Stadium is that the growth of broadcast revenue has stalled and the broadcast boom is basically over. Adjusting for inflation, the Premier League's broadcast revenue is now 31% lower than it was in the 2016-19 season cycle. As reported by Telegraph Sports earlier this season, the value of each live match has dropped from £10.2m to £6m since 2016. In other words: when Arsenal had this state-of-the-art, world-class stadium, it wasn't as important as it might have been; now, when it's no longer the best facility in its class, matchday revenue has become crucial again.
Arsenal fans will inevitably worry that the costly renovation project and possible temporary move to Wembley Stadium will be a drag on the team. In fact, most fans still have fresh memories of the "austerity years" after the Emirates Stadium was built - when Arsenal was surpassed in investment by their opponents and their competitiveness fell behind. However, time has changed and today’s football world is very different. Nearly 20 years on from the grand opening of the Emirates Stadium, Arsenal once again have every reason to reassess and transform their north London home. The last time they made a similar decision, they were hit by a wave of change in the football industry; this time, they hope to ride on this wave.
Mini-game recommendations:Additive Fun 2048