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Arsenal In ‘healthy Position’ Despite Posting Small Six-month Loss

Source: thewillnigeria.com
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Arsenal have announced a small loss of £3.4m for the six months to November 30 last year.

However, the overall financial position at the Emirates appears to be very healthy, according to chairman Sir Chips Keswick.

A club statement released on Friday read: “The Group (Arsenal Holdings plc) recorded an overall loss after tax of £3.4m (2014 – profit of £6.2m).

“Turnover from football increased to £158m (2014 – £148.5m) with growth in UEFA Champions League broadcasting distributions and commercial activity led mainly by partnerships.

“Stability in the playing squad meant profits on sale of player registrations amounted to only £0.3m which was significantly lower than the prior period comparative (2014 – £26.7m).

“The Group has no short-term debt and its cash reserves, excluding the balances designated as debt service reserves, amounted to £135.9m (2014 – £138.8m).

“Overall result for the year is expected to be fully compliant with all of the requirements of both the Premier League and UEFA financial regulatory regimes.”

The Gunners have a mountain to climb in their Champions League round-of-16 tie after a 2-0 first-leg defeat at home to Barcelona on Tuesday.

However, they are locked in a tight battle for the Premier League title, lying third, two points behind leaders Leicester, and are chasing a third successive FA Cup triumph (fifth-round replay at Hull on 8 March).

And Keswick says the short-term and long-term outlook is bright at the club.

“This has been an unpredictable Premier League season thus far,” he said. “What is important is that we are in contention and I am sure we have the resources and ability within the squad to sustain a strong challenge.

“The end of season run-in is going to be an exciting one and I am confident we will be very much at the centre of the action.

“We continue to see robust growth around our commercial revenues and build our support globally through our marketing and media channels.

“The result for the period has been impacted by a reduction in transfer profits but this reflects the overall stability we have within the squad which, in my view, is a positive factor for the club.”

The club’s healthy bank balance may again prove a source of frustration for some Arsenal supporters, who want manager Arsene Wenger to invest more money in the playing squad.

Arsenal were the only side across the top five European leagues not to buy an outfield player in the summer, with the arrival of goalkeeper Petr Cech for £11m from Chelsea their only signing.

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