Hours after Cup Defeat, Arsenal Suffer Another Loss; Another Bad Result for Gunners as They Announce [Pounds Sterling]2.5m Loss

The Evening Standard (London, England), February 28, 2011 | Go to article overview

Hours after Cup Defeat, Arsenal Suffer Another Loss; Another Bad Result for Gunners as They Announce [Pounds Sterling]2.5m Loss


Byline: James Olley Chief Football Correspondent

ARSENAL today announced a loss of [pounds sterling]2.5million in their latest financial figures although they insist they remain in a strong position to compete for honours.

The day after Arsenal lost 2-1 to Birmingham in the Carling Cup Final there was more bad news with their deficit for the six months to November 30, 2010 being in huge contrast to a [pounds sterling]29.2m profit over the same period the year before.

However, that was boosted by player sales -- chiefly the [pounds sterling]41m raised by Emmanuel Adebayor and Kolo Toure joining Manchester City -- and these latest accounts include just [pounds sterling]4m brought in by transfers.

Last year's profit was also thanks to [pounds sterling]11.3m raised by selling 261 flats at Highbury Square but this time only 50 flats have gone, earning [pounds sterling]3.3m. However, the development at the club's former ground has been a big success with 620 of the 655 flats now sold.

The club have invested in a number of long-term contracts with the wage bill increasing by [pounds sterling]4.5m and that figure is set to rise further when the full yearly figures are released at the end of May.

Arsenal's operating profit was [pounds sterling]12.6m and although they made a loss after tax, their figures compare very well to their rivals. This month Chelsea announced losses of [pounds sterling]70.9m across the 2009-10 season while Manchester City lost [pounds sterling]121m over that period. …

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