Arsenal's former ground Highbury is in the midst of being turned
into a large property development including 680 apartments, 598 of
which have already been pre-sold producing an estimated £40million
worth of sales income.
Acting manager Ken Friar told the club's official website that the
development is a separate entity from the football side of things,
but the profit it generates could be used to finance squad
acquisitions.
"The financials for the Highbury Square development have been
ring-fenced so they are separate from our usual football business,"
Friar explained.
"As such we have not budgeted for the profit and this allows the
board to be flexible over its use as the money has not been
earmarked for anything in particular. In that sense it will be a
bonus.
"We have options available to us... profits could be used to reduce
the stadium debt or to strengthen the team if the manager wishes,"
he concluded.
The Highbury flats are due for completion in summer 2009. Gunners
legends Thierry Henry, Dennis Bergkamp, and Robert Pires are
believed to have already financed their future residencies.