Turnover down but profits increase as Arsenal announce latest financial results


Arsenal have announced their latest financial results for six months ended November 30, 2017, and not unexpectedly turnover is down from this time last year.

The lack of Champions League football has played a significant part in that, however property revenue and the sale of players saw the before tax profit increase from £12.6m in 2016 to £25.1m in 2017.

These figures do not include money spent in the January transfer window when the club broke its transfer record to sign Pierre-Emerick Aubameyang from Borussia Dortmund for £55m, as well as bringing in Henrikh Mkhitaryan and the record contract renewal for Mesut Ozil.

The club’s position in terms of cash balances was outlined in the report, and said:

The Group has maintained a robust cash position with balances as at 30 November 2017 of £160.7 million (2016 – £123.7m), inclusive of debt service reserves, which are not available for football purposes, of £23.0 million (2016 – £23.3 million). This allowed us to make significant player investments in terms of transfer fees and wage commitments during the January transfer window in respect of Aubameyang, Mkhitaryan and Ozil.

Other key points include:

  • Revenues from football have decreased by £23.4m due to a fall in broadcast income, ticket and commercial deals associated with Champions League.
  • Wages costs have increased by £13.2m
  • Profit on player sales was £58.4m compared to £6.3m in the same period the previous year

Chairman Sir Chips Keswick spoke about the results and the period from now until the end of the season.

“As always, the actual outcome for the second half will be strongly influenced by the extent of progress in the remaining knock-out competition, the level of live TV coverage for Premier League games and final League position,” he said.

“The overall result for the year will be compliant with all of the requirements of both the Premier League and UEFA financial regulatory regimes.

“In closing I should thank everyone for their support. This has not been the easiest of campaigns but we are all working handle ensure we have a strong finish.

“We still have much to aim for including a path back to the Champions League. Let’s give the team our full support and make a difference over the next few months.”

You can download the full financial results here

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37 Comments on "Turnover down but profits increase as Arsenal announce latest financial results"

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I hope this can feed the Summer Treasure Chest articles right after we get kicked out of the Europa League.

Mein Bergkampf

Yey, more imaginary money for the non existent transfer kitty! Arsenal, la la la, Arsenal, la la la…


business as usual

Lord Bendnter

“Much to aim for including a path back to the Champions League”

Yea….i think that is pretty much the only thing we have left to aim for…


Profits or titles?Arsenal choose profits

Crash Fistfight

We need the profits now to cover the loss of income later.

Cliff Bastin

Depreciation of goodwill.


Being-arsed Write-down


If he’s that robust, I’d sign that ‘cash’ bloke pronto!!

David Hillier\'s luggage
David Hillier\'s luggage

What were the property developments in those figures?


Selling of property near the tube station I believe.

Big Dave

Who cares how much the club are making…. the profits still won’t be spent on decent defenders.


We have decent defenders!
Just ZERO strategy or structure


Another ranch for Stan?

Laughing Stock

Fuck off chips ya cunt


Beat me to it!


Wow, 12.2% drop in football turnover and 71.2% drop in football profit.

Most of the change in profit is due to player trading profit, which isn’t going to happen again.

And next year we may not even be in the Europa League. Not looking good.


Less property revenue (probably), less player transfer profits (almost definitely given Auba’s signing), less gate/TV revenue (no CL or possibly even Europa League). Profits down, less chance of signings.

Not looking good at all.

Safe Hands

Well if it doesn’t include the transfer of aubameyang then it also doesn’t include the sales of Walcott, Coquelin and Giroud which more or less balance that transfer out. It also won’t include things like the new Emirates deal which will bring in loads more income. There’s still plenty there for a new CB and DMC……oh….and a flying pig 🙂


Indeed. The headline figures look clever. But the underlying trend is not.


Agreed, as someone who has analysed sets of accounts these look bad. You need to separate out the one-off items (eg player sales, property development income) and the underlying trends (TV money going down and further still if not European competition). A 71% drop in profit will get worse next year, especially with players being bought not sold, no more property income and bad underlying trends.


We are fucked if we don’t get into the CL. I have a feeling we’ll offload Lacazette, Bellerin and Chambers/Holding for upwards of 100 million and reinvest. I seriously won’t be surprised if we sell Lacazette next season. That’s how we operate as a club. This club lacks balls to go out and spend real money.
As always they’ll happily hide behind Wenger even if it’s his last year. Cowards.


Thus no reason to change things then.


This is kroenke’s trophy, and he wants it every year.

SLC Gooner

This doesn’t bother me too much. I feel like Arsenal has actually shown willingness to spend money both on transfers and wages. The problem is not strictly the financials. It’s that the actual activity has been poorly planned and executed. i.e. the scramble with Sanchez, and the fact that we’re now screwed on the striker front for the Europa League.


Lord, i wish it were true. (I suspect it will not be.)


Willingness to spend money? Bollocks. We’ve never spent any real money. All we do is net off purchases with sales. In the meantime couple of lads who make it from the academy will pretend like they are the next big thing in world football.

Not long ago we spent 16 million on Arshavin and claimed we broke the club transfer record while Man United were throwing 20 million on a GK(De Gea). Now Chips is claiming we broke the club record twice within a season. I say we broke the club record for selling players to our direct rivals.


wenger out

me 2

“As always, the actual outcome for the second half will be strongly influenced by the extent of progress in the remaining knock-out competition, the level of live TV coverage for Premier League games and final League position”
Looks like Keswick and the other dinosaurs at the club are going to be down on profit if they are relying on pitch performances.
Perhaps then we will finally see the octogenerian in charge finally being moved on – can’t have their precious profits suffering can we?
Arsenal are the most soul less, empty club in the country.
Nothing to them at all…


The only real results the board care about. Long live ABC – Arsenal Business Club


Most of the fans connected to the the club are suffering and have been for years. if things continue to stay as they are there’ll be no profits to talk about which will be a true reflection of what’s become of the arsenal.


Thanks for your interest in our club Chips you old fuckwit.

Now retire and get in someone who actually gives a shit about the fans.


Chips are old news and bad for you, let’s get them out of our club.


We waste a fortune signing players and another fortune on wages. Simply sell all the players and the Stadium (more flats in a prime location).
Maximum profit and no need to worry about endless failure as a football club.
That my friends is a proper exit strategy.


Must be worth a trophy of some kind

Juan Cornetto

Thank you for your interest in our affairs.


Bollocks to profits.