Arsenal may be suffering from familiar problems on the pitch, but off-the-pitch the Premier League club appears on course for its best season yet.
The impact of the Premier League's new £8bn TV deal was visible in the Gunners half-year accounts which saw the club turn a profit despite spending more than ever before on players.
However, the club warned that the new market conditions had increased wage demands in the future.
Arsenal enjoyed a £12.6m profit in the six months to 30 November 2016, following a £6.2m loss at the same stage last year, while turnover rose from £158.1m to £191.1m.
Summer signings including Granit Xhaka, Lucas Perez, Shkodran Mustafi and Rob Holding – as well as payments owed on earlier deals – saw Arsenal reach a record transfer expenditure of £86.6m.
The club cited the start of a new three-year cycle of Premier League broadcasting revenues, which guarantees every team at least £100m for the season, as the catalyst for robust financial results.
Broadcasting income jumped by £25m a year ago to £85m and now represents nearly half of the club's total turnover as match day income rose by just £4.6m to £45m and commercial income by an even smaller £2.5m to £43m.
Yet despite appearing to be on course for a year of record revenues, Arsenal chairman Sir Chips Keswick warned that increased TV revenues meant wage costs were likely to rise in future to meet new demands.
"As expected increased Premier League broadcasting revenues have had a direct impact on player costs both in terms of transfer prices and player wage demands," said Arsenal chairman Sir Chips Keswick.
"Whilst these are market forces that have contributed directly over time to the success of the Premier League I would sound a note of caution in light of the very material contractual commitments to future wages that clubs are taking on."
Arsenal are currently locked in negotiations with star players Alexis Sanchez and Mesut Ozil who both have contracts up for renewal at the end of next season, while manager Arsene Wenger's deal expires at the end of the current campaign.
"It will take some time, as player contracts fall for renewal, for the wage bill to be fully recalibrated against market rates which are informed by the increased broadcasting revenues available to Premier League clubs and so we must expect further increases in this area," said Keswick.
"Further work is required in the area of contract renewals and we will continue to invest rationally in our squad retention as we move forward."