Mesut Ozil signing 'shows financial clout' of Arsenal as rise in turnover is announced

Signing of Germany international labelled a 'significant step'

Mesut Ozil cost a club record fee of £42.5m (Getty)

Arsenal have reported a rise in turnover and say their new commercial muscle was a significant factor in the signing of Mesut Ozil for a club record £42.5m.

Despite reduced profits, due to a drop in income from player sales and an increase in wages, overall turnover rose to £242.8m in the year ending 31 May 2013 from £235.3m the previous year. Commercial and retail revenue rose 20 per cent to £62m.

That may still be dwarfed by Manchester United’s record commercial income of £153m, but chief executive, Ivan Gazidis, said: “The signing of Ozil for a club record fee is a significant step for us.”