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Arsenal Turnover Rockets Thanks To New Home

English Premiership soccer club Arsenal has almost doubled its turnover after moving to its new Emirates Stadium.

Following the release of Arsenal Holdings latest half-year financial figures, turnover rose to £100.8m compared to £57m in 2005. The club says that is due to higher gate and match-day revenues since leaving former home Highbury and the sale of a property development site.
Operating profits before depreciation and player trading also rose from £8m to £20m. Profits before net finance charges and tax increased to £19.6m from £14.3m.
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One-off costs of £21.4m associated with the refinancing to fund the new stadium resulted in an overall loss before taxation of £6.2m – compared to a profit of £9.6m in 2005.

Peter Hill-Wood, the club’s non-executive chairman, said: “As well as providing improved match day facilities and tickets for a far greater number of the club’s supporters, the Emirates Stadium project had an objective of providing Arsenal with the financial strength and resources to compete at the very highest level in all competitions. I believe that the results for the group’s first period in its new home demonstrate that we have already achieved this milestone.”

Article first appeared on sportsbusiness.com