Football

Gazidis predicts 'bright' future

Published Add your comment

Football News
24/7

Arsenal chief executive Ivan Gazidis maintains the board will continue to back manager Arsene Wenger in the transfer market.

And Gazidis believes Arsenal are well positioned to ride out the current uncertain financial climate.

The Barclays Premier League club have announced pre-tax profits for the six months ended November 30 2008 were £24.5million, up from £20million, with increased contributions from both the football and property aspects of the Gunners' parent holding company.

However, the redevelopment of the club's old Highbury stadium could present some challenges ahead given the economic downturn, as Arsenal look to re-finance the terms of their loan for the project.

Nevertheless, Gazidis insists the Gunners remain on a solid footing, with an increase of match-day turnover up £3.3million to £44.4million, while broadcasting revenues increased to £28.9million and overall pre-tax profit was up £600,000 from 2007.

Arsenal - who funded the move to the Emirates Stadium with a 23-year loan at a fixed interest rate - have always sought to keep their property and football businesses separate.

Gazidis is confident matters on the field should not be adversely affected by any outside influences as Wenger, who brought in Russia international Andrei Arshavin on deadline day for a reported £15million fee, looks to continue his team building plans in the summer.

"If Arsene believes that there are players out there who can help the squad, the board is always behind him, but don't forget we believe in the young players we have," he said. "When you look at the ages of the players we are putting out on the field and their level of performance, the next two or three years will look very bright indeed."

Off the field, Gazidis maintains Arsenal's self-sustaining model is robust.

"We have achieved a half-year pre-tax profit of £24.5million, which in this environment is very solid," he said. "I think the industry as a whole will be affected in the medium to long term. Fortunately at Arsenal, we are very well positioned and our key sponsorship contracts are long-term agreements which fix our revenue there."

Copyright (c) PA Sport 2009, All Rights Reserved.

Do YOU want to write for GiveMeSport? Get started today by signing-up and submitting an article HERE: http://gms.to/writeforgms

Topics:
Arsenal
Football
Premier League

Article Comments

Report author of article

Please let us know if you believe this article is in violation of our editorial policy, please only report articles for one of the following reasons.

Report author

DISCLAIMER

This article has been written by a member of the GiveMeSport Writing Academy and does not represent the views of GiveMeSport.com or SportsNewMedia. The views and opinions expressed are solely that of the author credited at the top of this article. GiveMeSport.com and SportsNewMedia do not take any responsibility for the content of its contributors.

Want more content like this?

Like our GiveMeSport Facebook Page and you will get this directly to you.

Already Subscribed to Facebook, don't ask me again

Follow GiveMeSport on Twitter and you will get this directly to you.

Already Following, don't ask me again

Like our GiveMeSport Page and you will get this directly to you.

Already Subscribed to G+, don't ask me again