Arsenal Football Club has announced record pre-tax profits of £56m for the year ending May 2010.
In the same year the club also enjoyed record turnover, with revenue growing from £313m to £379.9m
A major factor behind the club’s financial success has been the sale of 363 private apartments at Highbury Square, the site of its former ground. The sale of the properties in addition to increased revenues elsewhere has allowed the club to pay off all debt on the Highbury Square property. As a result the overall level of group net debt has now fallen from £297.7m last year to £135.6m.
Arsenal chief executive Ivan Gazidis commented: “The group has made good progress in the last year.”
Matters on the football side have not been as impressive though. Despite figures being boosted by manager Arsene Wenger’s shrewd dealings in the transfer market, with profit from player trading at £13.6m. Operating profit before depreciation and player trading in the football business was £56.8m, down from £62.7m the year before after wage costs rose.
For more detailed information surrounding Arsenal’s finances the following links are well worth a read:
http://swissramble.blogspot.com/2010/04/how-big-is-arsenals-transfer-budget.html
http://swissramble.blogspot.com/2010/05/does-arsenals-policy-make-sense.html
