"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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