Arsenal FC: Financial Losses of £2.5 Million Revealed in Half-Yearly Accounts
Arsenal have posted losses of £2.5 million in the half-yearly account, losses which have been put down to reduced player sales.
Peter Hill-Wood, the non-executive chairman at the club, was quoted as saying:
"This is a robust performance in the current climate and is where we expected to be at this stage of the financial year and at this stage in our longer-term development plans for the growth of the Club.
"The Club is exactly where we want to be, competing for trophies across the closing months of the season. I know that Arsène Wenger and his players will remain focused and will be appreciative of the fantastic support they get from our fans around the world.
"I also want you to know that we are proud of the fact we continue to compete at the highest level while staying true to our principles. We continue to operate as a self-funding club. This brings its own challenges in an increasingly competitive environment but provides the platform for a secure and positive long term future."
The club have also made clear that they are not concerned about their financial loss, as they know that it largely comes down to the amount of player sales.
Last season, Arsenal were boosted financially by the expensive sales of Kolo Toure and Emmanuel Adebayor.
This year, however, the club only made £4 million in player sales in summer 2010.
The club did say they had made money from the sale of 50 apartments at the Highbury Square complex, now in the place of the club's former stadium. This is also a reduction on the previous year, however.
The sale of the 50 apartments were rumoured to generate a revenue of £22.5 million for the year, while this time last year the club had sold 261 apartments, generating a revenue of £96.6 million.
The news comes on the back of a tough time for the Arsenal team following their loss in the Carling Cup final on Sunday. The club will still receive an estimated £50,000 prize money from the competition.
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