Sales of captain Cesc Fabregas and midfielder Samir Nasri have propelled Arsenal to a bumper first-half profit and re-ignited debate about the way the English Premier League football club is being run.
Arsenal, fourth in the league after thrashing local rivals Tottenham Hotspur 5-2 on Sunday, reported a pre-tax profit of £49.5m in the six months to the end of November, against a loss of £6.1m a year earlier.
The departure of players like Fabregas to European champions Barcelona and Nasri to Premier League leaders Manchester City boosted the bottom line by £63m but angered fans who fear the club risks losing touch with Europe's elite.
Chairman Peter Hill-Wood said that Arsenal had endured a "rollercoaster season" and stressed that the club had invested £74.7m on new players and contract extensions, costs that will be spread over several seasons.
Arsenal, majority owned by American Stan Kroenke, have not won a major trophy since 2005 and look certain to end the current season empty-handed.
Their situation reflects some of the difficulties of running a football club. Although their finances are sound by the standards of a spendthrift industry, supporters fear that the club is being too cautious and that the policy could backfire.
The Arsenal Supporters' Trust, a grouping of small shareholders, forecast last week that failure to qualify for the European Champions' League next season would cost the club £45m. Fourth place would open up entry to Europe's top club tournament, but Arsenal are locked in a battle with fifth-placed Chelsea for that slot.
