Premier League football team Arsenal reports record profits amidst the economic downturn.

London Premier League football team Arsenal has unveiled its financial results for the year to 31 May 2009, with an increase in turnover, profit and matched day revenue.

The sale of 208 private apartments at Highbury Square, has contributed nearly £88 million to the Club’s revenue, and it has announced a further 445 sales with cumulative sales revenue value of £172.4m have also now completed.

It has also been an exceptional year for the Club in terms of profit after tax, which has recorded a figure of £35.2m, up from £25.7m in 2008.

The club has come under criticism for under-performing in the Premier League and competitions, and sold a number of key players during the summer, leaving it with a relatively young, inexperienced squad. 

However, match day revenue has actually increased by £5.5m to £100.1m, as a consequence of the Club’s progression in the Champions League and the FA Cup semi-finals.

Peter Hill-Wood, Non-Executive Chairman, commented on the results: “The Group’s profits have now risen in each of the three years in which Emirates has been our home.”

Mr Hill-Wood stressed however, reporting profit is still secondary to achieving success for Arsenal on the football field.

“The Group’s profitability is important because it is a by-product of running the Club as a solvent and successful business, which in turn allows us to maximise the level of investment in the playing staff and in the future development of the Club,” Mr Hill-Wood continued.

Ivan Gazidis, who became Arsenal CEO in January 2009, said: “Clearly, the Club already has a first class stadium, an excellent world-wide reputation and outstanding core support.

“The club is superbly positioned for the future and I am tremendously excited about the opportunities we have ahead of us.”

Mr Gazidis said that Arsenal has managed to perform well despite the economic downturn as it had a number of contractual arrangements in place before the start of the season.