As reported, the reduction in profit is, in the main, attributable to two factors:1. A lower surplus on sale of player registrations of £47.0 million, as compared to £65.5 million in the prior year; and2. Increased one-off charges primarily related to the impairment of certain player registrations and associated costs of £10.0 million, as compared to £5.5 million in the prior year.
Football turnover went up from £7.5 million to £242.8 million, which was mainly due to increased commercial activity, including an extended deal with Emirates. The club also holds a £119.7 million sizeable cash reserve. Mesut Özil shirt sales will form a part of next year’s balance sheet.
Sir Chips Keswick, Chairman, who replaced Peter Hill-Wood in June, said: “It is my job to ensure we steer further along the course we have set.
“We must continue to grow commercially to provide the Club with the best opportunity to achieve success and we must do this in a way which remains true to our values and which ensures and protects the long-term sustainability of the Club.
“We face a competitive landscape across the top of the Premier League and across Europe’s elite clubs which is tougher than ever. Despite fair play initiatives the financial competition for top players remains intense and transfer prices and player wages continue to move ever higher.
“It is therefore positive that the strong financial platform we have created in recent years allows us to continue to be competitive at the highest level.”
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