Football: Arsenal reveal rise in turnover
LONDON (AFP) - Arsenal on Monday reported a rise in turnover to £242.8 million (S$487 million) as the Gunners claimed their improved finances was a significant factor in the club record signing of Mesut Ozil.
Despite reduced profits due to a drop in income from player sales and an increase in players' wages, Arsenal saw overall turnover rise in the year ending May 31 2013 from £235.3 million the previous year.
Commercial and retail revenue rose 20 per cent to £62 million, boosted by the new sponsorship deal with Emirates airline, and Arsenal chief executive Ivan Gazidis said the club's strong financial position meant they are now able to compete for the likes of Germany playmaker Ozil, who cost £42.5 million to lure from Real Madrid.
"The signing of Ozil for a club record fee is a significant step for us," Gazidis said in the annual accounts.