Arsenal today announced record pre-tax profits of £56m and said that the property built as part of the move to the Emirates stadium, the Highbury Square development, is now debt free and making money for the club.
The important part is the second bit - not the profit, the debt. Relying on property sales in the credit crunch was risky stuff, but Highbury Square is now no longer in debt, at all, and we’ve halved the club’s entire debt from £297.7m to £135.6m. In short, we’re not going to be a Portsmouth, nor a Liverpool. Given the way some clubs are going, we should be thankful for that, even if we’re not spending all the money we’re making (yet).
My only worry is that Tottenham, building their new stadium, might just get away with the exact same tactic and become as financially secure as us… ;)
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