Arsenal announce £11.1m pre-tax profits despite record summer spending spree
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Arsenal remain a beacon of financial sobriety in the Premier League with an overall profit before tax of 11.1 million pounds in 2014 despite a record transfer outlay of more than 90 million pounds.
The club embarked on an unprecedented spending spree on players in the previous 12 months including the high-profile arrival of Chile forward Alexis Sanchez among a number of additions to the squad in the close season.
Yet their financial results for the six months ending Nov. 30 last year, published on Friday, show turnover from football rose to 148.5 million from 135.9 million in 2013, while cash reserves jumped to 138.8 million, up 18.2 million.
"Our commitment to investment in the squad was evidenced by a record level of expenditure on players joining the club," chairman Chips Keswick said in a statement.
"Crucially, this investment remains at a level which is consistent with our principle of affordability and which is financially sustainable in accordance with the applicable regulatory regimes."
Arsenal, whose financial model contrasts with many of their Premier League rivals who operate with large debts, said the rise in turnover was accompanied by "strong growth in commercial activity driven by the new kit partnership with PUMA".
The news that Arsenal are sitting on huge cash reserves, however, is likely to prompt renewed calls from fans for the club to invest further in the playing squad.
Under manager Arsene Wenger, Arsenal have a reputation for being frugal in the transfer market compared to the teams they are competing with at the top of the league.
Manchester United, for example, invested about 150 million pounds on players in the close season in an effort to end their European exile.
REUTERS
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments