Arsenal chief executive Ivan Gazidis upbeat on club's future and targets trophy push
Friday 30 September 2016 19:36, UK
Arsenal chief executive Ivan Gazidis believes the club's latest set of financial results show they are on course to deliver more major trophies.
Although the Premier League club's latest figures from Arsenal Holdings plc show a drop in overall group profit before tax from £18.2m to £2.9m, there has been a significant increase in turnover from football, up to £350.6m from £329.3m over the same period in 2015.
Additional broadcasting revenues have been supported by improvements in the Gunners' commercial activity, all of which has allowed manager Arsene Wenger to again further strengthen a squad which finished runners-up to Leicester in the last Premier League campaign.
As a result, however, wage costs continue to rise, at £195.4m, while income from player sales is down as the club remain determine to keep key men at the Emirates.
With the only debt related to long-term fix-rate payments against the financing of the move to the new 60,000 stadium from Highbury in 2006, Arsenal's "cash balances" show at £191.1m, slightly down from £193.1m in 2015.
"We are in a strong position to continue moving forward at every level of the club," Gazidis said in his chief executive report accompanying the results:
"On the pitch we have an outstanding squad. Off the pitch we have developed our infrastructure across all aspects of our operations to ensure we have the right assets and skills to progress.
"I am confident this progress, coupled with strong underlying values, will bring the success we all seek.
"Our ultimate ambition is clear: to win major trophies and make Arsenal fans at home and around the world proud of this great club. Proud of our values, proud of the way we act and proud of our team."
Arsenal face Burnley at Turfmoor in a Sky Sports Super Sunday clash this weekend, with the Gunners going into the game on the back of an eight-match unbeaten run, which includes four straight wins.
