Arsenal could battle Chelsea after Josh Kroenke confirms £137m windfall on the line

London rivals and on the same number of Premier League points as it stands, Arsenal and Chelsea have a lot in common. And they could be about to go head-to-head in a key financial battleground.

Members of the so-called ‘Big Six’, Arsenal and Chelsea are among the biggest revenue generators in world football, earning £465m and £512.5m respectively in the last financial year, 2022-23.

That is thanks in part to the Premier League’s world-beating TV deal, but also to their brands that the two clubs have cultivated over the decades.

With domestic TV money plateauing, more and more English clubs are looking to commercial and matchday income opportunities to yield greater revenue.

Again, Arsenal and Chelsea rank among the very best in the world across both metrics.

However, the competitiveness within the Big Six is such that clubs effectively have to run to stand still.

One of thing that every club is targeting is greater matchday revenues through stadium redevelopment.

Tottenham have soared commercially since moving into their new stadium, while the staggered revamp of Anfield is expected to see them break the £100m barrier in terms of matchday income this year.

Position	Team	Played MP	Won W	Drawn D	Lost L	For GF	Against GA	Diff GD	Points Pts
1	LiverpoolLiverpool	11	9	1	1	21	6	15	28
2	Man CityManchester City	11	7	2	2	22	13	9	23
3	ChelseaChelsea	11	5	4	2	21	13	8	19
4	ArsenalArsenal	11	5	4	2	18	12	6	19
5	Nottm ForestNottingham Forest	11	5	4	2	15	10	5	19
6	BrightonBrighton	11	5	4	2	19	15	4	19
7	FulhamFulham	11	5	3	3	16	13	3	18
8	NewcastleNewcastle	11	5	3	3	13	11	2	18
9	Aston VillaAston Villa	11	5	3	3	17	17	0	18
10	TottenhamTottenham	11	5	1	5	23	13	10	16
11	BrentfordBrentford	11	5	1	5	22	22	0	16
12	B’mouthBournemouth	11	4	3	4	15	15	0	15
13	Man UtdManchester United	11	4	3	4	12	12	0	15

Man City will soon have increased capacity beyond 61,000, while Man United will go one step further by either building a new stadium or redeveloping Old Trafford. Either way, they will likely reach 100,000.

Now, it appears that Chelsea and Arsenal are making their own plays in this department.

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Arsenal and Chelsea to fight for Wembley Stadium occupancy?

In the summer, Arsenal co-chair Josh Kroenke confirmed that expanding the Emirates is on the cards.

While the 44-year-old, who is the son of Arsenal’s ultimate owner Stan Kroenke, stressed that discussions were at an early stage at the time, it seems like things are moving forward.

Football finance lecturer and industry insider Kieran Maguire told TBR Football at the time that redeveloping the stadium would cost Arsenal £500m and see capacity reach 80,000.

That now appears to have been substantiated, with Bloomberg reporting that the Gunners are indeed looking to add around 20,000 seats to their 60,000-seater stadium.

Also in that report is the claim that Arsenal could play their home matches at Wembley Stadium while construction is ongoing – but there is a catch.

Chelsea are also looking to either move stadiums or redevelop Stamford Bridge, and they will need a temporary base for home matches in either scenario.

Bloomberg suggest that could be problematic as Chelsea too are likely to have Wembley lined up as a interim venue.

Sharing the stadium would logistically be very difficult if not impossible.

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£137m is tip of the iceberg: How much Arsenal can earn from Emirates Stadium expansion

A crude pro-rata calculation based on Arsenal’s matchday income in 2022-23 shows that Arsenal would earn at least £137m annually from an 80,000-capacity stadium.

In truth, their matchday income could be far higher.

As well as being able to charge more premium prices, the inevitable focus on hospitality and other commercial activities would see the final figure soar.

What’s more, the £137m figure was from a season in which Arsenal did not play Champions League football.

Under the new league-style format, at least four blockbuster European nights at the Emirates could easily yield £20m in matchday income.

There would also be commercial opportunities aplenty.

The North London club could, for example, renegotiate with Emirates for the naming rights for the stadium, with added interest and exposure increasing the leverage they hold.