Arsenal Unveils £56m Pre-tax Profits

Premier League club Arsenal has announced record pre-tax profits of £56m and a huge increase in group turnover.

Financial records for the year ending 31st May showed the Premier League club has paid off the entire debt on its Highbury Square development, which had stood at £130m.

The increased income from Premier League and Champions League television rights also boosted the club’s revenue.

The overall level of group net debt had fallen from £297.7m last year to £135.6m and profit also came from selling players such as Emmanuel Adebayor and Kolo Toure.

Peter Hill-Wood, the club’s non-executive chairman, was pleased with the results: ‘We now have a debt-free property business, which is accumulating surplus cash as further unit sales are made at Highbury Square, and which has three further property assets to realise over the next few years.’