Wage costs increased by 12% to £2.3bn, resulting in combined operating profits (excluding player trading, net interest charges and the amortisation of player contracts) of £500m, the same as in 2014/15.
"The FA Cup is our target - and finishing in the top four, because honestly, we can't win the Premier League", Monreal told the club's website (www.arsenal.com) ahead of Sunday's FA Cup semi-final against Manchester City.
Adam Bull, senior consultant in the Sports Business Group at Deloitte, added: "We have already seen to some extent the impact of the current broadcast rights deal, with clubs' combined transfer expenditure over the course of the 2016/17 season reaching nearly £1.4bn - eclipsing the previous record set in 2015/16 by one-third and far exceeding any other league in world football". It ensured United topped Deloitte's Football Money League, which was published in January, as the world's highest revenue-generating football club.
Premier League clubs' revenues hit a new record of £3.6 billion (Sh 477billion) in the 2015-16 season, but top-flight teams still recorded pre-tax losses of £110 million (Sh 14 billion), according to sports finance experts Deloitte.
"Our analysis reveals a return to pre-tax losses, following two consecutive years of pre-tax profits".
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Looking away from revenue and profit, a report released by UEFA in January 2017 looking at the financial health of football clubs across Europe showed Manchester United topped the pile of most "debt ridden" clubs at $570m.
And he said that at the top of the Premier League, clubs would constantly look to add to their global rosters of sponsors.
Alongside the new deal with Sky and BT, which began in August and is worth £5.1bn over three years, stadium moves and expansions by the likes of Chelsea, Tottenham and Everton are expected to drive an increase in future revenues.
Jones said the losses should be seen as a blip and the new television deals coming online should see a swift return to profitability.