Arsenal’s operating profits have tumbled by more than 60 per cent as a result of the club’s failure to qualify for the Champions League last season.

Arsenal’s half-year results show that the fall from the Champions League to the Europa League has created a £23.4m fall in football revenues in the six months to the end of November last year.

The club said a decrease in the amount of tickets sold had combined with plunging commercial and broadcasting revenues as a result of playing in Europe’s secondary competition.

Arsenal’s wage costs also spiralled £13.2m higher in the six-month period, despite none of the players receiving the bonus they would have been paid had the club qualified for the Champions League.

In all, the club’s operating profits, not including player sales, fell 62 per cent to £20.7m, compared to £54.4 this time last year.