Arsenal are facing up to a significant cash shortfall next season.
Around one-third of their executive season tickets are up for renewal, with many of their VIP fans understandably reluctant to re-sign given the uncertainty about when and how often they will be permitted to attend matches at the Emirates Stadium.
The club have succeeded in limiting their short-term losses caused by lockdown by banking season-ticket payments in return for providing credits for future seasons, but such a model does not work for fans not planning to renew, as they will be entitled to refunds.