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Thursday, September 27
ARSENAL RICHEST CLUB IN BRITAIN.
2nd in the world.
English Arsenal released financial records that show it is now Britain's richest football club. Arsenal reported that group operating profits increased 244 percent to GBP 51.2 million, for the year ending May 31, 2007, and that the move to Emirates Stadium helped increase turnover to more than GBP 200 million.
This surpasses English clubs Manchester United and Chelsea that had respective turnovers for the same period of GBP 167.8 million and GBP 152.8 million, and puts Arsenal financially in the same league as Real Madrid, with a turnover of GBP 202 million for the 2005-2006 season.
Arsenal's move to its new 60,000-seat stadium was a good decision financially. The long-term debt related to the move was refinanced into bonds that gave "a significant reduction" in annual service costs.
The club generated match-day revenues of GBP 90.6 million in its first season, averaging GBP 3.1 million per game, double what it produced at Highbury, and those revenues have now replaced broadcasting as the club's main source of income
Ninety one percent of the units at The Stadium - Highbury Square redevelopment are pre-sold and final sales are expected go over GBP 300 million.
Arsenal, which is currently at the top of the Premier League, saw its cash balances increase to GBP 73.9 million, from GBP 35.6 million in 2006. The numbers are "before player trading and depreciation", and do not include the GBP 16 million sale of Thierry Henry to Spanish Barcelona or other recent transfer dealings.
"Arsene (Wegner) did not spend his budget for the year. He managed to secure everyone he wanted to add to the squad and we didn't spend the full amount we'd allocated to him as a budget," said managing director Keith Edelman to reporters on a conference call.
"The best way that Arsenal can continue to deliver success is by maintaining a business that pays its own way," said Arsenal's chairman Peter Hill-Wood.
"This philosophy helped establish our objectives for the club's move away from Highbury, and Emirates Stadium now provides Arsenal with the increased income, profitability, cash generation and firm financial foundations from which we will continue to build trophy-winning Arsenal teams for many years to come.
"We have always pursued, and intend to continue with, a policy of re-investing profits and surplus cash into team development."
For the financial year ending in May, the club's pretax profit before exceptionals was GBP 26.9 million, compared with GBP 15.9 million the previous year. Operating profit before depreciation and player trading was GBP 51.2 million, compared to GBP 13.7 million the year before.
Arsenal's sales increased 46 percent from GBP 137.2 million to GBP 200.8 million. .
Despite losing Henry, Arsenal leads the Premier League and has been unbeaten in six games and fans are happy that Wenger signed a new contract, which ends in 2011.
"We've got a very young team but they appear to be very together and playing very attractive football," Edelman said.
Edelman said the club has 41,000 on its waiting list for season tickets and expects all matches at Emirates to be a sell out, including cup games. He also thinks the television deal with the Premier League will bring in GBP 15-16 million.