By Richard Clarke
Arsenal Football Club has no property debts anymore and, from now on, any revenue raised from sales is "available for re-investment".
When the Club took on the Emirates Stadium project, they decided to develop both their former ground at Highbury and a further site at Queensland Road. Both ventures required considerable investment but, speaking to the Arsenal Supporters Trust on Monday, CEO Ivan Gazidis revealed that this shortfall had been cleared leaving nothing but "pure profit" from now on.
"When I spoke to you last year we had about £120million of debt on Highbury Square and I remember a lot of the questions revolved around that and our property development activity," he said.
"We have put a lot of focus behind that and I am pleased to announce that Highbury Square is now debt-free. So now every sale of an apartment at Highbury Square is generating profits for the Club that come back in and are available for reinvestment.
"The other thing that has happened has been Queensland Road on the south side of the Stadium. The affordable housing part of that development has been sold to a developer so we are entirely debt-free on the property side.
"It means that sales on the remaining property developments that we have in and around the south side of the stadium will be pure profit to the Club that will come into the group and be available for use."
- Queensland Road is a development at the south end of Emirates Stadium. It will consist of residential buildings, including affordable housing, and an Arsenal Sports Centre.
- Flats are still available at Highbury Square. Visit www.Arsenal.com/highburysquare for details