Arsenal has cut its debt by almost 40 percent to $311. 6 million, maintaining its reputation as one of the more stable clubs in the Premier League.
Buoyed by the sale of another 261 apartments in the Highbury Square property development on the site of its former stadium, the north London club made a pretax profit of 35.2 million pounds ($53.8 million) for the six months ending Nov. 30.
It cut its debt from 332.8 million pounds ($537.5 million) the previous May.
The club has now sold 524 of the 655 Highbury Square apartments and non-executive chairman Peter Hill-Wood says “the next couple of years will see our property activities delivering surplus cash.”
He said Friday that could be invested in new players.