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Arsenal slash debts by over 100m in wake of UEFA report attacking clubs

26 Feb 2010 10:12:01

Arsenal slash debts by over 100m in wake of UEFA report attacking clubs

Arsenal have announced they have slashed their debts by over £100million as UEFA attempt a crackdown on Premier League clubs living outside their means. The Gunners net debt has been reduced from £332.8m to £203.6m - a reduction of£129.2million.  The north Londoners also reported huge half-year tax-profits of £32.5m. And chairman Peter Hill-Wood revealed manager Arsene Wenger would be given part of the money to invest in new players. Cash flow: The Gunners have slashed their debt by over £100million 'This is very good news, although I would not want to speculate on the exact quantum or timing of this,' Hill-Wood said. 'How we will use this surplus remains undecided but, in addition toinvesting in the team, I think we will examine investment in clubprojects and infrastructure, both in and around Emirates Stadium, whichwill provide a long-lasting benefit to the club and our tremendous,loyal supporters. 'Looking ahead, our strong financial base allows us time to take ameasured and diligent approach to determining the club's directionbeyond our move to Emirates Stadium and into the next phase of growth.' The club also announced significant progress at Highbury Square where the sale of 261 apartments raised £96.6m - an increase of £38.2m on 2008 - with all the proceeds used to pay off the project's debt. The group's property business recorded a pre-tax profit of £9.3m. In the results, the Gunners also reveal they have completed the first stage of investment in the Emirates Stadium and have reiterated their policy of re-signing first-team players on long-term contracts.  United and Liverpool debts alarm UEFA: Premier League clubs owe more than rest of Europe put togetherGibbs in line for return but he's won't solve England's crisis, says Wenger EXCLUSIVE: Walcott poised for return to England right wing for Egypt friendlyARSENAL FC


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