Arsenal's debt rockets to by
£100million to £262.1million
The cost of Arsenal's move from Highbury to the Emirates Stadium
has led to an increase of more than £100million in their overall
net debt.
The Gunners' overall net debt has increased to £262.1million from
£153.3million in 2005, according to figures released today.
Chairman Peter Hill-Wood has revealed the debt relating to the
change of stadium has been restructured.
He said in a statement to official website: 'As well as completing
the new stadium we have also refinanced the related debt.
'The refinancing is strongly beneficial as it secures the group's
financing arrangement for the long term and, by extending the
repayment term and reducing the annual debt service costs, frees up
significantly more of the group's future cash-flow for investment
in the development of the team.''
The figures also showed that Arsenal's operating profits before
player trading and exceptional items was £11.3million, which was
down from £32.6million the previous year.
Their group retained profits were £7.9million, £400,000 down from
2005, while the level of pre-tax profits from the sale of players
was up to £19.2million.
Arsenal's run to the Champions League final meant their football
business increased turnover to £132.1million.
