Affluent Arsenal reveal boom
Arsenal have revealed turnover of more than £200million, making them Britain's richest football club.
By Steven Morrison
Last Updated: 24/09/07 9:36am
Top of the table Arsenal have revealed turnover of more than £200million, making them Britain's richest football club.
The Gunners publicised the results in their financial report for the year ending 31st May 2007, which showed their group operating profits were up 274% to £51.2million.
The results prove that the club's move to Emirates stadium was financially deft - they averaged match-day revenues of £3.1million per game during their first season at the new ground.
Their turnover well exceeds that of Chelsea and Manchester United, whose results for the same time was £152.8million and £167.8million respectively.
Cash balances were up to £73.9million, from £35.6million in 2006, and this comes despite Arsenal's financial future coming into doubt in recent weeks, with increasing talk of foreign investment.
However, the current board have remained insistent on the stance that no investment is necessary - a standpoint backed up by the results.
Arsenal chairman Peter Hill-Wood says the results indicate how the club will progress for the future. He 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."
The figures quoted are before 'player trading and depreciation' which means money from player departures such as Thierry Henry for £16million does not contribute towards the results.
The announcement now means Arsenal sit in the same financial bracket as Spanish giants Real Madrid, whose turnover was £202million for the 2005-06 season.