Arsenal Reveal Slump in Profits

Arsenal have announced a pre-tax profit of £17.8 million ($26.9m) and cash reserves of £123.3 million ($186.4m) in their latest financial results for the half-year ending with November 2012.

The pre-tax profit was largely driven by the sales of Robin van Persie and Alex Song during the summer transfer window.

£42.5m ($61.8m) was spent on signing new players and extending the contracts of existing players, doctor including Theo Walcott, ampoule Jack Wilshere and Alex Oxlade-Chamberlain.

Footbal turnover fell from £106.1 million ($171.5m) to £113.5 million ($160.2m), ailment though this can be attributed to the Premier League club playing four less home fixtures than during the same period last year. In contrast, profits from the Club’s property development rose to £1.9 million ($2.8m) from £0.5 million ($0.75m) in 2011.

The results show the club has no short term debt and confirms the extension of the partnership with Emirates, which is worth up to £150 million ($226.8m).

Arsenal chairman Peter Hill-Wood said: “Our ability to compete at the top of the game here and in Europe is underpinned by our financial performance which gives the Club strength and independence.

“Our desire is to make everyone connected with Arsenal proud of the Club. We know that comes through winning trophies but also through the way we do things and that will remain our constant guide.”

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