LONDON – For 19 straight seasons, Arsene Wenger has secured Arsenal a place in the Champions League. But that record is no more.
With the 38-game season over Arsenal finished in fifth place, one point away from the fourth spot occupied by Liverpool.
Jurgen Klopp’s Reds secured the last qualifying spot for the 2017-2018 Champions League season, with Arsenal consigned to a Europa League bid.
As a result, the North Londoners will miss out on a substantial amount of money.
In the 2015/2016 season alone, Arsenal received €53.4 million (£45 million) of Champions League revenue, according to UEFA. This includes €22.3 million from on-field success (Arsenal reached the round of 16) and €31.1 million in TV revenue.
It could be even higher for the current 2016/17 season as Arsenal banked €25.7 million after reaching the last 16 again, with TV revenues expected to take that figure even higher.
In short: No Champions League football could blow a hole of at least £45 million in Arsenal's finances.
Arsenal reported pre-tax profits of £12.6 million in the year to November 2016 so if this £45 million figure is removed from their books, it has the potential to turn the club into a loss-making business.
But what about the Europa League?
It is not all bad news, though. Arsenal is guaranteed a place in the Europa League. The competition may have its detractors but it is still a respectable trophy to win.
But the Europa League does not generate anywhere near as much money as the Champions League.
According to UEFA's official 2016/2017 Europa League revenue figures, the most a British club can earn is just over €27 million (£23 million) - and that's only if it lifts the trophy. So, if Arsenal won the Europa League next season, it would - at best - take home around half its £45 million Champions League earnings.
It's little wonder a place in Europe's premier football competition is so coveted.