Gunners chief: Arsenal on sound financial footing

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Football News

Chief executive Ivan Gazidis maintains Arsenal's self-sustaining business model is on track - but vowed the Barclays Premier League club would not be standing still.

Last month, the Gunners' parent holding company announced record pre-tax profits of £56million and increased group turnover of £379.9million, while also seeing all the debt on their Highbury Square development paid off.

Addressing Thursday morning's annual general meeting of shareholders at the Emirates Stadium, Gazidis pledged any profit from further property sales would be ploughed back into the squad.

"This is a challenging path to tread," he told the AGM, "But we have earned our independence. We do not have to rely on anybody but ourselves for future success. However, we have to keep moving forwards - standing still is never an option."

Arsenal's only outstanding debt now is tied into the long-term mortgage on their 60,000-seater ground, which opened in July 2006.

Members of the Arsenal Supporters Trust 'fanshare' initiative were also present at Thursday morning's gathering at Emirates Stadium, along with American majority stakeholder Stan Kroenke.

Manager Arsene Wenger - who takes his side to title rivals Manchester City on Sunday - was set to address the AGM, having last year vowed his youngsters would finally deliver a first trophy since the 2005 FA Cup.

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