Arsenal announce £2.5m loss after tax in half-yearly accounts

Arsenal chairman Peter Hill-Wood (Getty Images)

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Arsenal have announced a loss of £2.5 million after tax in their half-yearly accounts.

The losses have come in the six months leading up to 30 November 2010 and take into account changes such as player transfers and property deals, which includes sales at the apartment complex at Highbury Square, the club’s former ground.

The financial results show a massively reduced profit on player sales going from £33.9 million in 2009 to £4 million as a result of no big names leaving the club from June to November, as opposed the prior year in which Emmanuel Adebayor and Kolo Toure both made big money moves to Manchester City.

Speaking following the announcement of the results, non-executive chairman Peter Hill-Wood told the club’s official site: “This is a robust performance in the current climate and is where we expected to be at this stage of the financial year and at this stage in our longer term development plans for the growth of the club.

“The club is exactly where we want to be, competing for trophies across the closing months of the season.

“I know that Arsene Wenger and his players will remain focused and will be appreciative of the fantastic support they get from our fans around the world.

“I also want you to know that we are proud of the fact we continue to compete at the highest level while staying true to our principles.

“We continue to operate as a self-funding club. This brings its own challenges in an increasingly competitive environment but provides the platform for a secure and positive long-term future.”