Arsenal Reveals Record-breaking Turnover
Despite this year’s economic downturn, Arsenal has recorded the largest annual turnover ever recorded by a British football club.
The club’s accounts for a 12-month period to 31 May this year showed a £313.3m turnover, with the profit after tax being £35m. Media reports are chalking the boost up to sales of apartments in the old Highbury stadium, which had previously been at a standstill due to the recession.
Additionally, the accounting period did not include Arsene Wenger’s profitable player trading this summer, in which Arsenal received £42m for Emmanuel Adebayor and Kolo Touré from Manchester City.
The accounts struck out previous speculation around Arsenal that the Highbury Square development (originally intended to make £100m profit), had become an economic burden. But the club seems to have managed to climb out of its financial hole, as it has now sold 445 of the 655 Highbury apartments. The debt on the property, which had been at £133m six months ago, has now been reduced to £47m.
In addition to the apartment sales, Arsenal’s record-breaking profits are partly due to the sales of Alexander Hleb and Justin Hoyteto to Barcelona and Middlesbrough, respectively, as well as sell-on clauses for former players David Bentley and Lassana Diarra.
Despite the club’s lucrative year, Wenger confirmed again that he will not go on a spending spree in the January transfer window, sustaining that he is happy with his young team.
Arsenal smashed previous turnover record-holder for a British football club Manchester United, which made £256.2m in 2007-08. Arsenal surpassed this figure by almost £60m last year.
