Arsenal post huge profits
Friday 26 February 2010
Arsenal have announced pre-tax profits of £35.2m and a significant reduction in debt for the six months ending November 30, 2009.
The financial half-year results reveal Arsenal Holdings plc's total net debt has been reduced from £332.8million to £203.6million - a reduction of £129.2million.
The club also announced significant progress at Highbury Square where the sale of 261 apartments raised £96.6million - an increase of £38.2million on 2008 - with all the proceeds used to pay off the project's debt. The group's property business recorded a pre-tax profit of £9.3million.
In the results, the north London club also reveal they have completed the first stage of investment in the Emirates Stadium and have reiterated their policy of re-signing first-team players on long-term contracts.
Non-executive chairman Peter Hill-Wood said: "I am pleased to report that the Group has delivered another profitable set of results for the first six months of the financial year.
"There has been remarkable progress at Highbury Square over the last 12 months and it is clear that the next couple of years will see our property activities delivering surplus cash.
"This is very good news, although I would not want to speculate on the exact quantum or timing of this.
"How we will use this surplus remains undecided but, in addition to investing in the team, I think we will examine investment in club projects and infrastructure, both in and around Emirates Stadium, which will provide a long-lasting benefit to the club and our tremendous, loyal supporters.
"Looking ahead, our strong financial base allows us time to take a measured and diligent approach to determining the club's direction beyond our move to Emirates Stadium and into the next phase of growth."
Latest in Sport
Chelsea injury news: Cesc Fabregas and Branislav Ivanovic could join Diego Costa on the sidelines for crucial Manchester City clash
Australian Open 2015: Thanks to Amelie Mauresmo, it's no longer Andy Murray against the world
Manchester United sign former Manchester City prospect Sadiq El Fitouri on advice from Phil Neville and Paul Scholes
Kim Sears 'swearing' outburst threatens to overshadow Andy Murray's Australian Open semi-final win
Arsene Wenger photobombs Arsenal photo shoot - manages to look like famous 'Bigfoot' picture
- 1 Venezuela Expo Tattoo 2015: Extreme body art from 'Vampire Woman' to 109mm earlobes
- 2 Saudi preacher who 'raped and tortured' his five -year-old daughter to death is released after paying 'blood money'
- 3 Ball pool for adults opens in London
- 4 Game of Thrones season 5 trailer: The first full-length look is here
- 5 Rashida Jones speaks out against male-centric porn saying 'women should have sex and feel good about it'
9 reasons Greece's experiment with the radical left is doomed to failure
Have we reached 'peak food'? Shortages loom as global production rates slow
Greece elections: Syriza and EU on collision course after election win for left-wing party
British grandmother Lindsay Sandiford faces execution by firing squad in Indonesia
Liberal Democrat minister defends comments suggesting immigration causes pub closures
King Abdullah dead: We can't afford not to hold Saudi Arabia's royals to account