Arsenal FC apartments help boost clubs profits

Arsenal Football Club have a recorded a 37% increase in profits, thanks largely to the sale of apartments at the old Highbury ground The turnover of the parent holding company, Arsenal Holdings, went up to £313.3million from £223million for the same period last year.Profit after tax shot up to £35.2million

The Highbury Square development, which was built on top of Highbury, has brought in £88million but only 445 of the 655 apartments have been sold due to the recession.

Non-executive chairman Peter Hill-Wood said: "We have always been confident of the outstanding quality and unique character of the Highbury Square project.."Approaching 70 per cent of the 655 private apartments at Highbury Square have now completed sale and the related bank loan has been reduced from £137 million to £47 million. We believe that the development has outperformed the market and is now on a secure footing which should allow us to maximise our final return."