LONDON – Arsenal has reported half-year pre-tax profits of 17.8 million pounds ($27 million) thanks to the sale of leading players.
The sale of Robin van Persie to Manchester
United contributed to a profit of 23.2 million
pounds ($35 million) on player trading in the
six months to Nov. 30 2012.
Cash reserves rose to 123.3 million pounds
($187 million), but many fans are unhappy at
the lack of spending on strengthening the
Arsenal is facing an eighth season without a
trophy unless it can overturn a 3-1 deficit
against Bayern Munich to reach the Champions League quarterfinals.
Arsenal is also in danger of missing out on the Champions League next season as it currently fifth in the Premier League and only the top four qualify to join Europe’s elite.
Reacting to the results, chairman Peter Hill-
Wood said: “Our ability to compete at the top of the game here and in Europe is underpinned by our financial performance which gives the club strength and independence.
“Our desire is to make everyone connected with Arsenal proud of the club. We know that comes through winning trophies but also through the way we do things and that will remain our constant guide.”