Arsenal loss shows cost of Champions League absence

[LONDON] The cost of life outside the Champions League was made clear when Arsenal published accounts showing the club had made a loss of £27.1 million (US$34.6 million).

Friday's financial revelations - the Gunners' first overall loss in nearly 20 years - followed their shock last 32 Europa League exit at the hands of Olympiakos after the London club conceded a last-minute goal at the Emirates Stadium.

Thursday's loss in Europe's second-tier club tournament means Arsenal, who reached last season's final, will miss out on further broadcasting revenue, as well as potential prize money.