Arsenal Says Fiscal-Year Profit Declines on Lower Player Sales

Premier League leader Arsenal said its fiscal-year profit declined after the north London soccer club earned less from selling players and wage costs rose.

Net income fell to 5.8 million pounds ($9.3 million) from

29.6 million pounds in the 12 months ended May 31, the team said today in a PR Newswire statement. Revenue rose to 280 million pounds from 243 million in the year-earlier period.

The Gunners earned 47 million pounds from the sale of players including striker Robin van Persie to Manchester United and midfielder Alex Song to Barcelona. That was 18.5 million pounds less than it earned from trades in 2012. The club’s wage payments surpassed 150 million pounds for the first time, and it also wrote down the value of some players.

“We are not yet fully where we want the club to be, but everyone is looking forward to the challenges ahead and competing for and winning trophies,” Chief Executive Officer Ivan Gazidis said in the statement.

The team got revenue of 37.5 million pounds from property development as it continued to work on the areas surrounding its new Emirates Stadium and the old Highbury, which has been turned into housing. It had 7.7 million pounds in revenue from its property business in the 2012 fiscal year.

Arsenal had cash and short-term deposits of 153.5 million pounds, little changed from 2012.

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