Arsenal reported turnover of £255.7 million for the financial year ending May 31, down from £379.9 million in 2010, while profit slumped from £56 million to £14.8 million. Reduced income from property sales at the Highbury redevelopment on the site of Arsenal’s old stadium and an increase in player wages contributed to the results.
Property sales dropped to £30.3 million from £157 million the previous year, while staff wages increased year-on-year by 12% to £124.4 million. However, Arsenal’s debt was reduced by 28% to £97.8 million and the financial results did not include the transfer fees received for Cesc Fabregas, Samir Nasri and Gael Clichy. Fabregas joined FC Barcelona for £30 million while Nasri and Clichy joined Manchester City for fees of £24 million and £7 million, respectively.
“We are very secure – it's a good set of results again,” Gazidis said in a statement. “This is a very solid, very healthy set of results and it gives us a good platform to move forward from. We didn't have the same kind of profit from player sales that we had in the previous season and that explains the slight reduction in profit.”
Gazidis added: “We haven't seen the same kind of profits from the property side that we have seen in the past but that was entirely to be expected. Our property business is debt-free so any new sales of property do accumulate cash, which is very positive for the future.” Arsenal moved from Highbury to the 60,000-seat Emirates Stadium in 2005, and the new home of the club has been credited with helping to almost double match-day revenues.
