LONDON: Commercial expansion has enabled to Arsenal announce an increase in football turnover from £242.8m for the year ending May 31, 2013.

The Premier League recorded revenue at £280m, up from £243m in 2012, which was split between football and property £37m.

However Arsenal Holdings plc’s group profit was down significantly to £6.7m before tax, from £36.6m the previous year.

An official statement from the club noted the football increase – edging from £235.3m in 2012 – was “driven mainly by commercial activity including the Club’s extended partnership with Emirates.”

The large drop in group profit was down to a lower profit on player sales and increase expenditure on wages. Profit on sale of player registrations amounted to £47m, down from £65.5m in 2012.

‘Strong platform’

Club chairman Sir Chips Keswick said: “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.

“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.”