Arsenal pre-tax profits slump by 18 percent |
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Published
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Wed, 20 Sep 2006 12:15
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LONDON - The shifting of their headquarters to Emirates Stadium in Ashburton Grove from Highbury has seen Arsenal add to their debt by £100 million. Gunners' chairman Peter Hill-Wood said that the club's overall debt has risen from £153.3 million in 2005 to £262.1 million in the present year.
"As well as completing the new stadium we have also refinanced the related debt," said Hill-Wood. "The refinancing is beneficial as it secures a financing arrangement for the long term and also frees up more cash-flow for investment in the team." The north Londoners reported a pretax profit loss of 18 percent to 15.89 million pounds in the year ending May.
However the club's major run in the UEFA Champions League saw its revenues rise by 17 million pounds to 132.1 million pounds. Arsenal said the sale of Patrick Vieira to Juventus helped add 3.9 million pounds to pretax profits. Arsenal also revealed on its web site that operating profits before player trading and exceptional items was £11.3 million down from the £32.6 million reported at the same time last year.
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