Gunners debt up by £100 million
Wednesday, 20 September 2006 08:57The cost of Arsenal's move from Highbury to the Emirates Stadium has led to an increase of more than £100million in their overall net debt.
The Gunners' overall net debt has increased to £262.1million from £153.3million in 2005, according to figures released today.
Chairman Peter Hill-Wood has revealed the debt relating to the change of stadium has been restructured.
He said in a statement to official website arsenal.com: 'As well as completing the new stadium we have also refinanced the related debt.
'The refinancing is strongly beneficial as it secures the group's financing arrangement for the long term and, by extending the repayment term and reducing the annual debt service costs, frees up significantly more of the group's future cash-flow for investment in the development of the team.'
The figures also showed that Arsenal's operating profits before player trading and exceptional items was £11.3million, which was down from £32.6million the previous year.
Their group retained profits were £7.9million, £400,000 down from 2005, while the level of pre-tax profits from the sale of players was up to £19.2million.
Arsenal's run to the Champions League final meant their football business increased turnover to £132.1million.
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