English Premier League football club Arsenal have reported record pre-tax profits of £56m (€65.6m) for the year ending May 31. This was up more than €10m on the previous year.
The north London club also said that they had paid off all the debt on their Highbury Square development.
The results also showed that Arsenal's group turnover increased to £379.9m, from £313.3m in 2009, boosted by the income generated from property sales.
The debt related to the Highbury Square development, which once totalled £130m, has now been repaid in full with Arsenal now enjoying the benefits of income from apartment sales.
Profits are slightly down on the football side of the business due to five fewer home games last season and increased wage costs.
Arsenal chief executive Ivan Gazidis said the wage increases had allowed Arsenal to remain competitive on the field. Arsenal will continue to pursue their policy of developing players rather than buying big stars, Mr Gazidis said.
