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  • Mitre June 17

Arsenal announce six month profit of 17. 8 million up to the end of November

 

Things may not be going swimmingly for the Gunners on the pitch, but off it the club continues to grow in financial stature, as a statement released by the club today reveals.

The report stated:  "The club has no short-term debt and continues to have a robust financial platform.

"The figures show a profit before tax of £17.8 million. This was driven primarily by player sales of £42.5 million.

"Football turnover dropped from £113.5 million to £106 million as a result of four fewer home fixtures compared to the same period last year."

"However, overall operating profits from the club's property operation increased to £1.9 million versus £0.5 million in 2011."

With so many clubs struggling financially at this time, this news should be welcomed by Arsenal fans, but some will undoubtedly have their concerns that despite the healthy bank balance, not enough money has been invested in the team.

Despite signing Santi Carzola, Olivier Giroud and Lukas Podolski in the summer, the majority of the money spent on these players came through the sale of club captain Rovin Van Persie to Manchester United in the summer.

Arsenal chairman Peter Hill-Wood was deifant however, insisting the club is maintaining it's capacity to compete at the highest level, saying "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."

With new contract agreements also in place for first team players such as Jack Wilshere and Theo Walcott, Hill-Wood is also adamant that when the Premier League's Financial Fair Play model comes into effect that Arsenal will benefit.

"These new rules will be good for us, good for the Premier League and good for the game as a whole," he said.

"It is important that we maintain the quality and level of competition if the game is to continue being a compelling spectacle, and we believe the introduction of tighter financial regulation will assist all clubs to compete, while remaining financially responsible."

Arsenal got back to winning ways at the weekend beating Aston Villa 2-1, but will already be concentrating on their key clash in the North London derby with Champions League rivals Tottenham on Sunday.

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