English soccer club Arsenal reports $56M profits

LONDON - English soccer club Arsenal announced record profits of $56 million on Monday following a big increase in turnover and manager Arsene Wenger's refusal to pay huge transfer fees.

Releasing figures for the year that ended May 31, Arsenal said that turnover increased to $498 million thanks largely to TV revenue and ticket sales gained when the team reached the semifinals of both the Champions League and FA Cup.

At the same time, the overall debt caused by the building of the 60,000-capacity Emirates Stadium has reduced to $473 million from $505.6 million in the previous year.

"The group's profits have now risen in each of the three years in which Emirates Stadium has been our home," Arsenal chairman Peter Hill-Wood said. "This is excellent news, although I should perhaps stress that making and reporting profits is not in itself the primary objective for the directors."

The encouraging financial results come, however, with Arsenal trying to end a run of four seasons without a major title.

Despite the arrivals of Russia forward Andrei Arshavin during last season's January transfer window and Belgium defender Thomas Vermaelen before the start of this season, the club has refused to make any big purchases with Wenger relying on the youngsters he is grooming at the club.

"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 maximize the level of investment in the playing staff and in the future development of the club," Hill-Wood said. "Arsene has the resources to bring more players in, if he believes doing so will add to the quality which we already have in the squad."