Arsenal defend strategy as profit climbs

Arsenal said it would stick to its policy of living within its means after the sale of star players Cesc Fabregas and Samir Nasri helped the English Premier League soccer club to more than double pretax profit

The results are a double-edged sword for a club run on a prudent financial basis but whose fans are frustrated by the departure of top players and the lack of a trophy win since 2005.
Arsenal, which last won the Premier League title in 2004, has been overtaken by free-spending teams like Premier League champion Manchester City, bankrolled by cash from Abu Dhabi.
Chief Executive Ivan Gazidis said Arsenal was strongly placed to succeed in the long term as clubs are forced to implement rules from European soccer's governing body to rein in losses.
"We can and we will forge our own path to success and avoid the many examples of clubs across Europe struggling for their very survival after chasing the dream and spending beyond their means," Gazidis said.
"Football is moving powerfully in our direction."
Majority owned by American Stan Kroenke, Arsenal remains one of the top teams in the Premier League and has qualified for the European Champions' League for 15 seasons in a row.
However, fans of the north London club were angry when striker Robin van Persie joined rival Manchester United last month for a reported 24 million pounds.
The club reported pre-tax profit of 36.6 million pounds in the year to May 31, up from 14.8 million the previous year. Profit from player trading was 26 million pounds after Fabregas went to Barcelona and Nasri joined Manchester City.
POWER STRUGGLE
Billionaire businessman Alisher Usmanov, whose Red and White Securities vehicle owns just under 30 percent of the club, has criticised the board for selling leading players.
Despite the loss of Van Persie, Arsenal has made a promising start to the season and are in fifth place in the 20-team Premier League.
Revenue from core football activities rose to 235 million pounds. This compares with the 320 million pound revenues reported earlier this month by Manchester United, which has mined its powerful global brand to boost its coffers.
Gazidis said Arsenal would look for a significant increase in revenue from the renewal of its shirt and kit partnerships after the 2013-14 season.
Nike is the current kit supplier while the club has the name of airline Emirates on its shirts.
Manchester United signed a $559 million deal in August with General Motors to have the Chevrolet brand on its shirts for seven years from 2014.
(For more sports news and updates, follow Ahram Online Sports on Twitter:@AO Sports/ and FacebookAhramOnlineSports)