Arsenal released their financial results for the 6th month period and they continue to show a profit despite spending a record amount of money in the transfer market.
The club have announced that they made a pre-tax profit of 11.1 million pounds for the period ending November 2014, and also had an increase of 12.6 million in their turnover to 148.5 million despite making almost 95 million pounds in squad investment.
Arsenal also reported a cash reserve of 138.8 million pounds but excludes the winter signings of Gabriel Paulista and Krystian Bielik. This also does not include the money that is set aside as contingency in case Arsenal does not qualify for the Champions League.
Sir Chips Keswick, chairman of Arsenal FC, detailed the cluba s commitment to success in a statement that was released along with the financial results.
Sir Keswick said, a Our commitment to investment in the squad was evidenced by a record level of expenditure on players joining during the summer with the acquisitions of Calum Chambers, Mathieu Debuchy, David Ospina, Alexis Sanchez and Danny Welbeck.
a The recent acquisition of defender Gabriel from Villarreal will take our total transfer expenditure for the year to well in excess of A?100 million. This substantial investment has inevitably led to increased amortisation and wage costs in our profit and loss account but, crucially, this remains at a level which is consistent with our principle of affordability and which is financially sustainable in accordance with the requirements of the applicable regulatory regimes.a
Along with the new signings, Sir Keswick also touched upon the emergence of youngsters Francis Coquelin and Hector Bellerin.
a It has been particularly rewarding to see the recent emergence into the first team squad of Francis Coquelin and Hector Bellerin,a Keswick wrote. a Francis is a great example to everyone of what can happen if you are patient and dedicated. He thoroughly deserves all the accolades currently heading in his direction. Hector is another young player who has shown tremendous application and effort and he is growing in confidence game by game.
a The progress of both players is testimony to the philosophy of the Board, our majority owner Stan Kroenke and manager ArsA?ne Wenger. In an era when many are seeking short term results and instant action, we remain true to our principles of investing in the future by continuing to sign outstanding international talent while developing our own.a
However, the Arsenal chairman also asked the manager and the squad to get more positive results.
Keswick said: a On the field, the team has produced some strong results and the squad is looking fit and better balanced. However, we need to find our best form on a more consistent basis as we approach, what I hope will be, an exciting end to the season.a