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Arsenal reveal increased profits

The Emirates Stadium (Top), and Highbury
Arsenal moved from Highbury to the Emirates Stadium in 2006

Arsenal have announced that their profits rose by 4.5m to 24.5m before tax in a report for the six months ending on 30 November 2008.

The club saw match-day turnover swell to 44.4m, up 3.3m, while broadcasting revenue increased by 4.5m to 28.9m.

Arsenal have not been immune from the economic slowdown though with sales of apartments in their Highbury Square development slower than expected.

The delay will force Arsenal to extend their bank loan for the building work.

Construction on Highbury Square is close to completion with 186 apartments - valued at a total of 76.7m - now finished, and at the end of November sales had already been agreed worth 58.1m.

Arsenal chairman Peter Hill-Wood said: "Clearly there are some significant challenges ahead of us, both on and off the pitch, over the closing months of this financial year and beyond.


"The UK property market has been particularly affected by the economic downturn and, inevitably, this has had an impact on the group's own property development activities."

Arsenal - who funded the move to Emirates Stadium with a 23-year loan at a fixed interest rate - have been eager to assure fans that the performance of the club's property business would not affect manager Arsene Wenger.

"The financial arrangements for the group's property activities are separate and largely operate independently from the financing of the football business," Hill-Wood said.

"This has always been a key aspect to allow us to develop the football team as with, for example, the signing of Andrey Arshavin, irrespective of the difficult conditions in which our property business is having to operate."

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see also
Arsenal announce jump in profits
19 Sep 08 |  Business


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