PREMIER League giants Arsenal saw pre-tax profits drop 81.7 per cent in the 12 months to the end of last season, yet the club remains in a strong financial position due to rising revenues and falling debt.
London’s biggest football club revealed yesterday that earnings before tax were down to £6.7m in the year to 31 May, down from £36.6m.
The Gunners pulled in a reduced profit from player sales – £47m, down from £65.5m – while wages climbed 7.7 per cent to £154.5m.
Yet Arsenal, one of the only Premier League teams to report regular profits in recent years, cut its squad significantly this summer, getting rid of several unwanted but highly-paid players – boding well for future sets of results.
Football-related revenues grew to £242.8m, from £235.3m, while the club continues to make money via the property developments that stem from its move to the Emirates stadium in 2006, raking in an extra £37.5m for its coffers.
Cash balances remained just over £153m for the period, as net debt fell to £93.2m on gross of £246.7m.
The numbers do not cover the recent £42.5m record purchase of star midfielder Mesut Ozil.