Arsenal announce £2.5m financial loss
Monday 28 February 2011
Arsenal have announced an overall loss of £2.5million in their half-yearly accounts today but claim their "robust financial performance" has kept them on track.
The Gunners revealed the after-tax loss today - taking into account changes in property and player trading, which are essentially one-offs - for the six months ended 30 November 2010, compared to a 2009 profit of £29.2m.
There was also a significantly reduced profit on player sales of £4m, with no big names having departed, compared to £33.9m the previous year when the coffers were boosted by the sales of of Emmanuel Adebayor and Kolo Toure to Manchester City.
The Gunners, beaten 2-1 in the Carling Cup final by Birmingham at Wembley yesterday, will be heartened, however, by football operating profits (before depreciation and player trading) of £9.3 million (£18m in 2009) and an operating profit (before depreciation and player trading) of £12.6m (£29.3m in 2009) with - as expected - a reduction in the contribution from property.
The sale of 50 apartments at Highbury Square generated revenue of £22.5m and an operating profit from property of £3.3m, while property business continues to be debt-free with all sales contributing to Group's cash position of £110.4m (£101m in 2009).
Non-executive chairman Peter Hill-Wood said: "This is a robust performance in the current climate and is where we expected to be at this stage of the financial year and at this stage in our longer term development plans for the growth of the club.
"The club is exactly where we want to be, competing for trophies across the closing months of the season. I know that Arsene Wenger and his players will remain focused and will be appreciative of the fantastic support they get from our fans around the world.
"I also want you to know that we are proud of the fact we continue to compete at the highest level while staying true to our principles.
"We continue to operate as a self-funding club. This brings its own challenges in an increasingly competitive environment but provides the platform for a secure and positive long term future."
Latest in Sport
Alexis Sanchez: Streetwise Arsenal forward is the real deal, says Arsene Wenger
Arsenal vs Burnley: Jack Wilshere ruled out with knee injury as Arsene Wenger reveals further injury concerns with just three fit defenders
Tim Sherwood column: Southampton are succeeding because they have an identity
Enner Valencia interview: The striker takes whirlwind way to West Ham
Paul Scholes: Some Liverpool players are getting away with it while Mario Balotelli gets all the stick
- 1 'Nasa Confirms Six Days of Darkness in December': No, they don't - it's a hoax
- 2 Canadian actor punched in face after 'Islamophobia' experiment goes wrong in wake of Ottawa shooting
- 3 Woman blinded as a child can see again after hitting her head on a coffee table
- 4 Paul Hollywood: Police asked if I wanted them to arrest Mary Berry for vandalism after she 'defaced' my car
- 5 If you think Russell Brand’s new book is confused, you should read what his critics have to say about it
Pope Francis declares evolution and Big Bang theory are real and God is not 'a magician with a magic wand'
Huge surge in Ukip support after EU funding row, according to new poll
Ukip ‘exploiting grooming scandal’ to secure party’s first police chief
Nigel Farage: 'There’s nothing wrong with white people blacking up'
Maureen Lipman says 'she can't vote Labour while Ed Miliband is leader'
Muslims, immigration and teenage pregnancy: British people are ignorant about almost everything