Last week, just when fans thought there could be nothing worse than the humiliation suffered Thursday night after the Gunners' shock exit from the UEFA Europa League round of 32, Arsenal announced its financials from the 2018-19 season.
It was ugly.
The club posted a loss of £27.1 million, just one year removed from posting a £56.6 million profit. That loss, the first since 2002, could have a huge effect on Arsenal's attempts to recruit players in the summer.
What may have a bigger effect, however, is if the Gunners fail to make it into Europe next season. Right now, they sit in 10th place in the Premier League table, and with no shot to win the Europa League and get back into the Champions League, Arsenal may have to win the F.A. Cup to qualify for Europe next season.
It looks to be a daunting task, but that run has to start tonight. Arsenal hits the road to take on Portsmouth in the fifth round, with a win moving the Gunners into the final eight.
Look for Arsenal to shake off the disappointment of last Thursday and pull out a victory tonight.
Portsmouth vs Arsenal (-210), draw (+340), 2:45 p.m. EST (ESPN+)
THE PICK: Arsenal -1 Asian handicap (-134)