Writer: Nick Simmonett
Date:Monday September 24 2007
The egarly anticipated results for the last financial year reveled an even bigger increase in revenue and profit than anyone had expected.
Of course, a move to a stadium with an extra 22,000 seats, and a massive assault on the retail market are going to see income rocket, but not even the Arsenal money men knew that the Arsenal group would set British records come May.
It was predicted before Arsenal's move to the new Ashburton Grove Stadium that match day revenue would increase by about £30 Million, which would have taken the season's total to around £74 Million.
That forecast proved to be some way out as Arsenal's match day revenue alone exceeded the total income of some Premier League clubs. Match days generated a staggering £90.06Million in that time, despite Arsenal exiting the Champions League in the second round.
Arsenal's total turnover was up to £200.08 Million from £137.2 Million in the previous year. That's a ride of 46%.
Another very interesting thing to note is Arsenal Holding's PLC's bank balance. Last time the financial results were published it had fallen to £35.6 Million. This time around that has risen to £73.9 Million.
While these results do not take into account depreciation (which could, in theory, reduce the figures by as much as 20%), it also doesn't take into account player trading in that time, which was also a profitable side of the business for Arsenal.
The results also showed that 91% of the appartments at the Highbury Square development have been pre-sold. The total value of the site is expected to exceed £300 Million.
The results put to shame the likes of Chelsea and Manchester United, who's turnover was £152.8 Million and £167.8 Million respectively.
Speaking after the publication of the results Peter Hill-Wood said: 'The best way that Arsenal can continue to deliver success is by maintaining a business that pays its own way.
'We have always pursued, and intend to continue with, a policy of re-investing profits and surplus cash into team development.
'Emirates Stadium now provides the club with the firm financial foundations from which we will continue to build trophy winning Arsenal teams for many years to come.'
Date:Monday September 24 2007
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