That gets kind of messy (n4c was way better at this stuff) but they had to pay £390m for the stadium, but there is also some complication with fund-raising bonds that were taken out, which were taken during the Highbury years as a fund-raiser.
Apparently the bonds (in terms of paying things off) are the issue more than anything and Arsenal have to pay £16m per year in instalments to cover said bonds - and will be doing so until 2029.
It really underlines the need for Champion's League football. If they have to pay that £16m each year without it, they're very hampered - they certainly aren't in a position to spend their way back in.
Whilst there are those who will take the piss over "celebrating" a Top Four spot (and guys, I get where you're coming from, truly) it's perhaps Arsenal's situation, moreso than most clubs, that underlines the value of that tournament and the subsequent TV rights/revenue/sponsorship money the most.
They could be without any "star" players very, very soon. They need an incredibly intelligent rebuild.
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