Arsenal have seen their half-year profits rise 54%, boosted by the latest Premier League TV rights deal and the success of the new Emirates Stadium.
The club, which tops the Premier League, made a pre-tax profit of £20m in the six months to the end of November, up from £12.6m in 2006.
It was also a profitable period for player transfers, including the June departure of Thierry Henry for £16.1m.
Arsenal's broadcasting income was up £6.5m at £24.3m.
Summer tournament
Match day income had risen more than £3m to £41.4m.
"We have had a very satisfactory start to the financial year"
The club's revenues were boosted by last summer's Emirates Cup tournament, which featured Arsenal, Inter Milan, Paris Saint Germain and Valencia.
However, Arsenal's overall turnover dropped to £97m from £100.8m a year earlier, due to a near 70% decline in revenues from property deals.
"We have had a very satisfactory start to the financial year," said Arsenal chairman Peter Hill-Wood.
Earlier this month an investment firm co-owned by Russian billionaire Alisher Usmanov revealed it had increased its stake in Arsenal to 24%.
But Arsenal's managing director Keith Edelman said he was confident that an agreement between major shareholders would prevent a takeover.
"We were always advised by them that they would build their stake to 25% but we have a lockdown, which makes us bullet-proof."
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