Arsenal is now officially the best run top English club.
Pre- tax profits surged to £35.2 million pounds for the six month period between June to November 2009.
Debts were reduced almost 40% from £332.8m to £203.6m as Arsenal continued to reap the benefits of moving to the Emirates stadium.
The earnings have been boosted by the increased sale of apartments developed on the old Highbury property. 261 units were sold for a £96.6m capping a remarkable turnaround in the depressed real estate market.
Peter Hill Wood has reason to cheer:
"There has been remarkable progress at Highbury Square over the last 12 months and it is clear that the next couple of years will see our property activities delivering surplus cash," Hill-Wood said.
This comes on a day when Portsmouth went into administration and club supporters in Man Utd and Liverpool are organizing people revolts at the way their clubs are being run plunging further into unsustainable debt.
As an Arsenal supporter there are often times that I have ground my teeth about not getting this or that high priced player or the frustrating lack of titles. But I am thankful that we still have a shot. There is always tomorrow. For many other fans, their club is a house of cards. Tomorrow is too late.
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