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Arsenal scores 54% rise in profit Arsenal scores 54% rise in profit
(about 4 hours later)
Arsenal has seen its half-year profits rise 54%, boosted by the latest Premier League television rights deal and the success of its Emirates Stadium.Arsenal has seen its half-year profits rise 54%, boosted by the latest Premier League television rights deal and the success of its Emirates Stadium.
The north London football club said its pre-tax profit totalled £20m for the six months to 30 November 2007, compared with £12.6m a year earlier. The club, which tops the Premier League, made a pre-tax profit of £20m in the six months to the end of November, up from £12.6m in 2006.
Arsenal's broadcasting income was up £6.5m at £24.3m, while match day income had risen more than £3m to £41.4m. It was also a profitable period for player transfers, including the June departure of Thierry Henry for £16.1m.
Its revenues were further boosted by last summer's Emirates Cup tournament. Arsenal's broadcasting income was up £6.5m at £24.3m.
This saw Arsenal, Inter Milan, Paris Saint Germain and Valencia play at the Emirates Stadium in a number of pre-season friendlies. Summer tournament
Match day income had risen more than £3m to £41.4m.
We have had a very satisfactory start to the financial year Arsenal chairman Peter Hill-Wood
Its revenues were boosted by last summer's Emirates Cup tournament, which featured Arsenal, Inter Milan, Paris Saint Germain and Valencia.
However, Arsenal's overall turnover dropped to £97m from £100.8m a year earlier, due to a near 70% decline in revenues from property deals.However, Arsenal's overall turnover dropped to £97m from £100.8m a year earlier, due to a near 70% decline in revenues from property deals.
Takeover speculation
"We have had a very satisfactory start to the financial year," said Arsenal chairman Peter Hill-Wood."We have had a very satisfactory start to the financial year," said Arsenal chairman Peter Hill-Wood.
Earlier this month an investment firm co-owned by Russian billionaire Alisher Usmanov revealed it had increased its stake in Arsenal to 24%.Earlier this month an investment firm co-owned by Russian billionaire Alisher Usmanov revealed it had increased its stake in Arsenal to 24%.
Red and White Holdings previously had about 23% of the club's shares and has been reported to have a goal of owning at least 25%. But Arsenal's managing director Keith Edelman said he is confident that an agreement between major shareholders will prevent there being a takeover.
If the stake was to reach 30%, Red and White would have to launch a formal takeover approach. "We were always advised by them that they would build their stake to 25% but we have a lockdown, which makes us bullet-proof."