Arsenal property sales boost results
LONDON (Reuters) - Arsenal Football Club posted record full-year profit before tax of 56 million pounds, due to the sale of property at the old Highbury site and the sale of players such as Emmanuel Adebayor and Kolo Toure.
Image: Chris Young - PA
Arsenal said their full-year accounts showed the club was in good financial health and could continue to invest in the team, staff and training facilities. The group's property business is now debt free and generating surplus cash.
Arsenal, currently second in the English Premier League behind champions Chelsea, said Friday they had generated 157 million pounds of revenue from property, allowing them to repay 130 million pounds of bank loans.
The overall level of group net debt was also reduced to 136 million pounds.
"The most pleasing aspect of these results is that the returns generated in the property business during the year, particularly at Highbury Square, have allowed us to repay 130 million pounds of bank loans and significantly reduce the group's overall net debt," non-executive Chairman Peter Hill-Wood said in a statement.
The club, which finished last season in third place, said it had made a profit from player trading of 13.6 million pounds, compared with a profit of 2.9 million pounds in 2009.
(Reporting by Kate Holton; Editing by Jon Loades-Carter)
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