Arsenal have announced a pretax profit of £17.8 million following a six month spell, which is less than £49.5 million profits made a year earlier.
The North Londoners revealed in a statement that £40.9 million was spent on signing Lukas Podolski, Santi Cazorla and Olivier Giroud, and on extending contracts of players like Theo Walcott and Jack Wilshere.
Player sales provided with £42.5 million while turnover was £106 million, less than £113.5 million made earlier this year as a result of four lesser home games.
The period of six months is from June 2011 to November 2011, and thus includes the sale of Cesc Fabregas, Samir Nasri and Gael Clichy.
Arsenal faces no short-term debt and these values have increased the club’s cash reserves from £115.2 million to £123.4 million.
“Our ability to compete at the top of the game here and in Europe is underpinned by our financial performance which gives the club strength and independence,” Chairman Peter Hill-Wood said.
Arsenal has had eight trophy-less years and they just got eliminated from the FA Cup at the hands of Blackburn Rovers and remain on the verge of being eliminated from the UEFA Champions League. The club is undergoing one of the worst eras under Arsene Wenger on the pitch, and fans have urged the manager to spend the profits to sign more players.