Arsenal report reduced profit

LONDON (AP):

Arsenal reported pretax profits of £14.8 million (€17.1 million; $23 million) in the year ending May 31, 2011, as reduced gains from player and property sales led to a drop in the Premier League club's earnings.

Arsenal released the numbers yesterday, revealing a drop from the record £56 million (€65 million; $87 million) profit in 2010 as it failed to generate much revenue in players sales, with Eduardo's transfer to Shakhtar Donetsk the lone standout fee of last season.

The biggest drop was in the club's property segment as it generated only £30.3 million (€35.2 million; $47.3 million) from Highbury land sales compared to £156.9 million (€182.2 million; $245.1 million) the year before.

"It's a good set of results again," Arsenal chief executive Ivan Gazidis said. "It doesn't reflect the activity that happened during the summer - and the transfer window in particular - but it does show another good year for the club."

Arsenal's player revenue will rebound next year after the north London club sold Cesc Fabregas and Samir Nasri for a combined £50 million (€58 million; $78 million).

The club added in a statement that overall revenue also dropped from £379.9 million (€440 million; $592 million) to £255.7 million (€255.7 million; $398.4 million). It also has £160 million (€186 million; $250 million) in cash in the bank, with Gazidis hinting more players could be coming if necessary.

"We do have money that would be available to spend in the transfer market as Arsene decides is necessary," Gazidis said.

The Gunners have struggled to start Wenger's 15th season in charge, but club director Stan Kroenke backed the Frenchman.

"Arsene's our man," Kroenke said. "That's who we put our confidence in."