Arsenal has posted another healthy pre-tax profit. Group profit before tax was £36.6million in the figures for the year ending May 31, 2012 which were published on Thursday, up from the equivalent 2011 figures of £14.8million. Arsenal, though, could not escape an inevitable increase in wages from £124million in 2011 to £143million, which represented 60.9 per cent of the club’s football revenues. The parent holding company’s overall turnover was £243million, down from £255million mainly because of reduced property sales, with a rise in revenues to £235.3million from £225.4million.
Chief executive Ivan Gazidis said in an official statement, “Cash and bank balances” stood at £153.6million, slightly down from a year ago, with net debt stable at £98.9million, most of which is tied in with the long-term mortgage following the club’s move to the Emirates Stadium.’
‘Clubs, fans and other stakeholders in the game are demanding a more rational financial approach and this reinforces our conviction that our club is strongly placed to succeed over the long term.’
‘We have qualified for the Champions League for the 15th season in a row whilst off the pitch we have a business strategy and infrastructure that is helping us to grow our revenues. This revenue growth will provide sustainable funds for future investment in the team whilst keeping within the UEFA Financial Fair Play requirements.
“We can and will forge our own path to success.”
Arsene Wenger was also quick to speak about the club’s financial position stating, ‘We want to spend our money in the right way. We are not scared to spend the money’
“Our numbers are good,” Wenger added. “Under the actual circumstances this is quite positive because the whole (global) environment is not positive. We are very lucky because we have a good support and the income of our gates is very high. We have to maintain that by keeping our fans happy and to continue to manage well in the way that we do it.”
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