Despite their highest Premier League points total in almost two decades, Arsenal recorded £52.1million in losses last season.

The Gunners finished second to Manchester City in their title fight, yet despite their football revenues increasing to £464.6m, they still came away with a loss, the club’s latest accounts show.

There’s a twist in the tale though, with ‘impairment write-downs on certain player registrations’ making up £18.1m of the deficit.

And according to The Daily Telegraph, nearly all of that figure came from Nicolas Pepe.

The Ivorian joined Arsenal in 2019 from Lille for a club record £72m, but Mikel Arteta’s side finally cut their losses last summer due to an incredibly underwhelming stint.

Pepe joined Turkish Super Lig side Trabzonspor after having his contract terminated, and it’s reported that when all factors are considered, including wages and signing-on fees, he cost the club in excess of £100m.

There is some good news, though, with accounts submitted to Companies House claiming a loss before tax of £34m, excluding ‘exceptional items’. The figure is down from £45.5m the previous year.

Arsenal had a significant outlay in the summer transfer window, breaking the record fee for Pepe by paying £105m for Declan Rice from West Ham, while they also brought in £65m Kai Havertz from Chelsea and £35m Jurrien Timber from Ajax.

However, a first Champions League qualification in seven years significantly boosted income, along with an increased £191.2m revenue from broadcasting [previously £146m], and £169.3m from commercial revenue [previously £141.7m].

The club said in a statement: “During 2022/23 and subsequently during the summer 2023 transfer window, the club has again invested strongly in the development of its men’s first-team playing resources.