Source: Daily_Mail
Arsenal boss Arsene Wenger takes the credit as Gunners announce record £35m profit
rsenal manager Arsene Wenger maintains it is part of a manager's job to ensure the financial stability of their club.
Arsenal's parent holding company revealed an increase in turnover to £313.3million and a record profit after tax of £35.2m from results for the year ending May 31.
However, with the cost of the £400m move to Emirates Stadium from Highbury continuing to tie up the long-term financial commitments of the Barclays Premier League club, there have been suggestions Wenger does not have the cash with which to strengthen his squad should he wish.
Arsene Wenger has so far been happy re-signing players such as Robin van Persie (left) rather than spending big on new stars
Content: Arsene Wenger has so far been happy re-signing established players such as Robin van Persie (left) rather than spending big on new stars
Indeed Manchester City, now bankrolled by the deep pockets of their new Arab owners, raided the Gunners for both striker Emmanuel Adebayor and Kolo Toure this summer, while Wenger opted to bring in just Belgium international defender Thomas Vermaelen from Ajax for £10m and tie up existing players such as Robin van Persie on new deals.
Chairman Peter Hill-Wood was, in his report to shareholders, quick to highlight the board's determination to help Wenger secure continued success on the field and a first trophy since 2005.
Wenger, though, insists keeping his employers on an even financial keel must remain high on the agenda.
'I am encouraged by the fact that the financial results are good because I try on my side to contribute to that as well,' said Wenger, whose side take on Olympiakos in the Champions League on Tuesday night.
'You want to work in a company that is in a healthy financial situation. I am quite proud that I work in a company that is in a strong financial situation.'
Arsene Wenger
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Wenger continued: 'The sporting side is one side, that is the most important, so to be completely happy you have to do well on the sporting side.
'I have always worked in clubs who make money, and I would not feel that I do my job well if we lost money at the end of the season - never, no matter what happens on the sporting side - because you put the club in trouble and, in my opinion, that cannot be accepted from any manager.'
Despite having to extend the terms of the loan which helped fund the Highbury Square development, the project itself remains robust despite the difficult financial climate and falling house prices.
Today's figures included the completion of 208 private apartments to bring in some £88m, while since the end of the financial year, more units have been sold at the club's former ground, which they left in 2006.
Most of Arsenal's overall net debt, which has decreased to £297.7m from £318m, is tied into the 2006 move to the 60,000-seater Emirates Stadium, financed mainly by a long-term loan which is repaid at a fixed-term, much like a mortgage, at around £20m a year.
Chief executive Ivan Gazidis feels the club is well set for the challenges ahead as they continue to move forwards on a self-sustaining basis without the need for any major outside investment.
He said: 'The club has a philosophy of reinvesting all of the money it makes back into the club.
'Money is not taken out in the form of dividends to the shareholders, so it's very important to understand all of the money we're making, all of these financial results we're talking about benefit the club.
'We will only invest, and Arsene will only invest, if it's going to be for players who really add some value and quality to the squad.
'We are fortunate we've got a manager who thinks about his responsibility, thinks about the long-term implications and doesn't spend money because he's got it.
'He spends only if he believes we can add something of significance to our squad and we think he's proved that with [Andrey] Arshavin and Vermaelen.'
