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Arsenal in 'healthy' position despite losses

Arsenal Football Club chief executive Ivan Gazidas has insisted the club is in a ‘very healthy financial position’ despite revealing a £2.5m loss after tax for the six month period up to 30th November 2010.

A reduction on profit from player sales down to £4m from £33.9m the previous year was the key factor on the figures, with income from the sale of 50 of the Highbury apartments £22.5m, down from £99.6m in 2009.  Football operating profits were nearly halved to £9.3m from £18m in 2009, with the club citing higher wages and a reduction in the number of home games played at this stage of the season compared to the 2009/10 campaign.

Speaking to the club’s official site, Gazidas said:  "We continue to be in a healthy financial position. The club, as you know, is run on a self-sustaining basis and these results continue to show long-term sustainability and health so there are some real positives. There are some one-offs that we don’t have this year that we did have last year.
 
"Last year we had some tremendous numbers pushed by property sales and also the sales of a couple of big players, this year we don’t have those one-offs. Rather than seeing players leave, we have actually invested in the squad so you expect to see a little bit of a change in the numbers but we’re still very healthy and robust looking forward."

Gazidas also that the club had expanded its commercial team with a focus on partnerships internationally to help increase income.

"Commercial is going to be a big focus for us, particularly globally. So as we look at our commercial partnerships, we have made a significant investment in our commercial partnerships team, and I think the fans will begin to see some of the results of that over the next years," he said.

 

Scott Hobro

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