Arsenal to wait for $240 million windfall By James Masters, CNN November 23, 2012 -- Updated 1907 GMT (0307 HKT) Lukas Podolski has been a key part of the Arsenal side this season since arriving in the summer. Arsenal has signed a $240 million sponsorship deal with Emirates Shirt deal will remain until 2018/19 season with naming rights maintained until 2028. Deal is worth an estimated $48 million a season to the EPL club Arsenal won't feel full benefit until 2014-15 when deal kicks in (CNN) -- Arsenal may have tied up a $240 million deal with Emirates but the bad news for supporters is that it won't feel the full benefit until the 2014-15 season. The EPL club has extended its shirt partnership with Emirates until the end of the 2018/19 season, while the airline will also continue its hold on naming rights of the stadium until 2028. The deal, which is estimated to be worth around $48 million a year, has been hailed as a deal 'all about football' by Arsenal chief executive Ivan Gazidis. But compared to deals completed by the likes of Manchester United, Manchester City and Liverpool, Arsenal's appears to be on a smaller scale. Manchester United sends DHL packing Manchester United signed a seven-year shirt deal with U.S. car giant Chevrolet worth $72 million a season up until 2021. Liverpool's four-year shirt deal with Standard Chartered which was signed back in 2009 is worth $128 million in total. Only last year, Manchester City signed a 10-year deal with Etihad for naming rights and shirt sponsorship worth a reported mammoth $641 million. So while Arsenal's deal is welcome, it is by no means one of the largest in the Premier League. The club receives around $85million from sponsorships, which is far less than that of its rivals including Liverpool, Chelsea and Manchester United. And while it posted the third-best sales figures of for the year ending May 31 of $389 million, it still lags behind its rivals on the field. The Gunners have failed to win a trophy since 2005 under manager Arsene Wenger and supporters have become frustrated with the team's inability to challenge for top honors. The latest agreement, according to Gazidis, will give Arsenal, "the resources in what we believe is a responsible and well managed way, to be able to invest in what we put onto the pitch for our fans." But Daniel Geey, an associate for Field Fisher Waterhouse LLP and an expert on finance within football, believes Arsenal will not feel the full 'financial uplift' for some time. Fair play? Football clubs seek to beat financial offside trap "The Arsenal deal will however only begin in time for the 2014-15 season which means the financial uplift is still some time away," Geey told CNN. Depending on how the revenues are apportioned between the shirt and stadium deal, only the future Manchester United Chevrolet $72 million a season shirt deal (also starting in 2014-15) is significantly higher in the Premier League. It means that in the Premier League alone, there have been some very large recent sponsorship deals with Liverpool's $128 million four-year shirt sponsorship deal with Standard Chartered in September 2009 and Manchester City's reported 10 year $641m shirt, stadium and community deal with Etihad. Bearing in mind the latest bumper UK and foreign broadcasting deals that have been announced by the Premier League (forecasted to be around $8bn) and the prospect of some type of salary cap being proposed in the Premier League, it is clear that owners are looking to aggressively maximize revenues whilst to some degree constraining wages. It may well be that FFP has had the desired 'belt tightening' effect.