26 Feb 2009Arsenal post £4.5m increase in pre-tax profits

Football Clubs News | Football Finance News

Arsenal revealed today (February 26th) that their pre-tax profits for the six-month period ending on November 30th 2008 were up by £4.5 million to £24.5 million.

The club's latest financial report showed that match-day turnover at the Emirates Stadium increased by £3.3 million to £44.4 million, while broadcasting revenue was up by £4.5 million to £28.9 million.

However, the conversion of Highbury to 186 apartments has been affected by the slump in the housing market, forcing the Gunners to extend their bank loan for construction expenses.

Chairman Peter Hill-Wood said: "Clearly there are some significant challenges ahead of us, both on and off the pitch, over the closing months of this financial year and beyond.

"The UK property market has been particularly affected by the economic downturn and, inevitably, this has had an impact on the group's own property development activities."

Hill-Wood added that the Highbury Square project - which is valued at £76.7 million and is close to completion - will not have a major impact on the club's finances as it is being run independently of the football budget.

Arsenal revealed at the end of November that sales of the apartments had already reached a total of £58.1 million.

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