Arsenal remains a "beacon of financial sobriety in the Premier League" with an overall profit before tax of £11.1M in '14 despite a "record transfer outlay" of more than £90M, according to Toby Davis of REUTERS. The club embarked on an "unprecedented spending spree on players in the previous 12 months." Yet Arsenal's financial results for the six months ending Nov. 30, published on Friday, show turnover from football rose to £148.5M from £135.9M in '13, while cash reserves jumped to £138.8M, up £18.2M ($28M). Arsenal, whose financial model "contrasts with many of their Premier League rivals who operate with large debts," said the rise in turnover was accompanied by "strong growth in commercial activity driven by the new kit partnership" with Puma (REUTERS, 2/27). In London, James Olley reported Arsenal Manager Arsene Wenger will now be given around £50M ($77M) to spend in
January as a result of the club "continuing to grow regardless of
previous expenditure and underlines their position of strength in the
transfer market." Arsenal Chair Chips Keswick said in a statement, "This substantial investment has inevitably led to increased amortisation
and wage costs in our profit and loss account but, crucially, this
remains at a level which is consistent with our principle of
affordability and which is financially sustainable in accordance with
the requirements of the applicable regulatory regimes" (EVENING STANDARD, 2/27).
