Arsenal has brought in Boston Consulting Group (BCG) to review the club’s non-football operations, with the Premier League champions assessing potential cost efficiencies alongside opportunities to improve the business.
Chief executive Richard Garlick is overseeing the strategic review with BCG. No decisions have yet been made on potential changes, but the exercise comes as Arsenal seeks to balance continued investment with a more sustainable financial model.
The review follows a season in which Arsenal generated record revenue of £691m ($934.4m) in 2024-25 while reporting an overall loss of just £1.4m.
Record revenue, but operating costs are rising
Despite the near break-even result, Arsenal’s underlying operating losses before player-registration disposals increased from £50m in 2024 to £65m in 2025.
The club’s total operating costs also climbed by £53m, from £147.9m to £200.8m. Arsenal attributed the increase to higher matchday staging costs, direct costs associated with generating additional revenue, residual property matters and inflation.
That cost trajectory is now being examined alongside the club’s ambition to remain competitive at the top of the Premier League.
Garlick said last month that Arsenal’s objective was to win major trophies while doing so in a financially sustainable way, identifying revenue growth across partnerships, the stadium and retail as key priorities.
Arsenal targets efficiency without slowing growth
The appointment of BCG suggests Arsenal is looking beyond simple cost-cutting. The club is also assessing whether its existing operations can be structured more efficiently and whether further commercial growth can be achieved without adding costs at the same rate.
That balance has become increasingly important for elite clubs, where higher sporting investment is accompanied by rising salaries, matchday expenses, infrastructure costs and commercial spending.
For Arsenal, the challenge is particularly relevant after returning to the top of the Premier League. Maintaining that position requires continued investment on the pitch, while the club’s financial performance needs to support that spending over the long term.
With record revenue already established, the next phase is therefore less about simply generating more income and more about improving the conversion of that revenue into sustainable operating performance.