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AST statement on Arsenal's Financial ResultsPosted on: 28/09/09

Arsenal today published the financial results for Arsenal Holdings plc for the financial year end 31 May 2009.

They also provided further commentary on the situation at the club since that date. This includes the news that considerable progress has been made with the Highbury Square development with 455 units now having been sold. The loan on Highbury Square has reduced from £120m to £47m. All of the payments to reduce the loan have come from property sales.

The AST met with Ivan Gazidis this morning and he reiterated to us that the club was in a sound financial position and that funds were available to the manager to strengthen the team. The proceeds from this summer's player sales remain available for the club to invest in the Arsenal squad (transfers and wages).

The AST will produce a full analysis of these results and circulate these to our members.

Our intial assessment is set out below:

“The AST is reassured by the significant progress made with the Highbury Square property development that removes concerns about the club’s immediate financial health. 
“These results demonstrate that the clubs ‘self-sustaining’ business model remains viable. We genuinely believe that funds generated from player sales this summer are available to the manager for strengthening the team if he so chooses. 
“In these difficult economic times, and when many other clubs are increasing their debt exposure or struggling to service existing debt, we welcome the continuing fall in the debt levels at Arsenal.