Gunners announce record profit of £35.2mil


LONDON: Arsenal on Mon­day announced a record profit after tax of £35.2mil from results for the financial year ending May 31.

The turnover of the Gunners’ parent holding company, which also has substantial property interests at the Highbury Square development of their former stadium, went up to £313.3mil from £223mil for the same period last year.

Arsenal’s move to the Emirates Stadium in 2006 — funded by a long-term loan at a fixed interest rate — continues to pay dividends, with matchday revenue increased to £100.1mil from £94.6mil which was mainly down to progress to the semi-finals of both the Champions League and FA Cup.

Operating profits, before depreciation and player trading, in the football business were up from £59.6mil to £62.7mil.

The Highbury Square development, meanwhile, remains robust despite the difficult financial climate and falling house prices, with the completion of 208 private apartments bringing in £88mil, while, since the end of the financial year, more units have been sold at the club’s former ground.

Gunners boss Arsene Wenger insists he takes pride in the club’s financial stability because he plays a key role by investing cautiously in the transfer market.

“I am encouraged by the fact that the financial results are good because I try on my side to contribute to that as well,” he said.

“You want to work in a company that is in a healthy financial situation.

“I am quite proud that I work in a company that is in a strong financial situation.

“The sporting side is one side, that is the most important, so to be completely happy you have to do well on the sporting side.

“I have always worked in clubs who make money, and I would not feel that I do my job well if we lost money at the end of the season — never, no matter what happens on the sporting side — because you put the club in trouble and, in my opinion, that cannot be accepted from any manager.” — AFP

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