Afternoon:
8°c
£20m Arsenal boost
Wayne Veysey22 Feb 2008
Arsenal supremo Keith Edelman today countered Peter Kenyon's claim that Chelsea are London's richest club as the Premier League leaders posted a £20million profit in their latest financial figures.
In contrast to Chelsea, who yesterday reported losses of £74.8m for last season, the Gunners posted healthy pre-tax profits as their turnover rose to £96m for the six months ending 30 November 2007.
In a subtle dig at his west London rivals, the Arsenal chief executive said: "I always think that the key is to play good football and make a profit. These are the two key objectives we have.
"Clearly, money is one measure of a business but I think that doubling our profit is proof that the business is very healthy indeed. People can work out for themselves who is the richest or most profitable club or whatever. It's not for us to shout about."
The north London club are on course to surpass the total turnover of £200.8m that they recorded for the year ending 31 May 2007.
Broadcasting income has increased by £6.5m to £24.3m from the new Premier League domestic and overseas TV deals while match-day income in the first half of the year - which includes just eight of Arsenal's 19 home league fixtures - has risen to £41.4m from £38m.
The half-yearly results also reveal that the club has a cash balance of £69m, which could be handed to manager Arsene Wenger in the summer to help strengthen the squad.
The Arsenal board have fought hard to keep out Russian billionaire Alisher Usmanov, who has acquired a 24 per cent stake in the club, by agreeing a five-year lock-down agreement but Edelman explained Britain's most traditional club is not similarly opposed to the Premier League's 39th step plan.
Edelman said: "The Premier League asked us whether we would support a continuous review of the proposal. That's what we supported. We have to look at the plans when they come back to us in two months."
"I think there has been a lot of press comment without thinking about it very clearly. There are a lot of people jumping on the bandwagon and making about up their minds about it without properly analysing it."
"Our strapline is 'tradition with vision'. Building Emirates Stadium was a visionary move by the club. We were the first to put up floodlighting and put names on shirts. But the club also has strong and deep-rooted traditions. The Premier League are doing a long review. Then we will see where we are."
Mathieu Flamini has urged Arsenal to forget about events of the past week and focus completely on continuing their Premier League title charge by beating Birmingham tomorrow.
The Gunners are five points ahead of Manchester United, who are at Newcastle for an early evening game. "There was a little bit of pressure on us after losing to United against Milan, but we like that and now it's back to the league," Flamini said.
Kolo Toure misses the game with a leg injury picked up in the goalless midweek draw and Emmanuel Adebayor (neck) and Alex Hleb (foot) are also doubtful. But Manuel Almunia returns and is set to replace Jens Lehmann in goal.
