Arsenal Posts Pre-Tax Profit Of US$35.2M For Six-Month Period

CASH INFUSION: EPL club Newcastle United Owner Mike Ashley "has been forced to inject" $14.4M of his own money to cover the team's operating costs "as he grapples with the club's cash-flow problems." The money is "believed to have been partly needed to cover" the $6.5M owed to EPL club Bolton for MF Kevin Nolan. Ashley in June '07 invested $192.3M to acquire the club and spent another $157.9M to "wipe out the club's debt in the form of an interest-free loan, which he will not seek to recover unless the club is sold" (Manchester GUARDIAN, 2/26). In London, George Caulkin reports Newcastle hopes to "establish a youth academy in France" and the club is "extending their scouting network to Brazil and Scandinavia" (LONDON TIMES, 2/26).

NOT FOR SALE: Italian Serie A club AC Milan has "denied a report" that the Abu Dhabi United Group (ADUG), which owns EPL club Manchester City, will purchase 40% of AC Milan. Italian newspaper Corriere della Sera had reported that ADUG "had offered [$635.3M] for a stake" in the club (CRAINSMANCHESTERBUSINESS.co.uk, 2/24). Meanwhile, an AC Milan official said that the three-way negotiations involving the club, the MLS Galaxy and MF David Beckham's reps are "continuing," and that a deal to extend Beckham's loan to AC Milan beyond March 9 or "make the transfer permanent could come next week" (N.Y. TIMES, 2/26).

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