Gunners announce profits

Wenger may be given 'surplus funds' to spend

Last updated: 26th February 2010   Subscribe to RSS Feed

Gunners announce profits

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Arsenal non-executive chairman Peter Hill-Wood has indicated that Arsene Wenger could be handed 'surplus funds' after the club announced half-year pre-tax profits of £35.2million.

The Gunners have revealed their latest financial records and there has also been a significant reduction in the club's net debt to £203.6m as of 30th November 2009 from £332.8m on 31st May 2009.

In the wake of the positive results, which are based on the sale of 261 apartments at Highbury Square, Hill-Wood has indicated that Wenger, who has bemoaned a shortage of cash, could be given spare money to invest in his team.

Hill-Wood told Arsenal's official website: "There has been remarkable progress at Highbury Square over the last 12 months and it is clear that the next couple of years will see our property activities delivering surplus cash.

"This is very good news, although I would not want to speculate on the exact quantum or timing of this.

"How we will use this surplus remains undecided but, in addition to investing in the team, I think we will examine investment in club projects and infrastructure, both in and around Emirates Stadium, which will provide a long lasting benefit to the club and our tremendous, loyal supporters.

"Looking ahead, our strong financial base allows us time to take a measured and diligent approach to determining the club's direction beyond our move to Emirates Stadium and into the next phase of growth."