LONDON: Arsenal have announced profits of £11.1m for the six months ending last November 30 despite the club spending a record on transfers.

The club announced turnover from football increased to £148.5 million, up from £135.9 million in 2013, with their new kit deal with Puma playing a major part.

The Gunners spent £93.7 million on player transfers in that period, significantly the £35 million acquisition of Chilean Alexis Sanchez from Barcelona.

The North London club also enjoyed a profit from player sales of £26.7 million, which is up from the £6.1 million received in the previous period in 2013.

Arsenal chairman, Sir Chips Keswick, said: “Our commitment to investment in the squad was evidenced by a record level of expenditure on players joining the club.

“Crucially, this investment remains at a level which is consistent with our principle of affordability and which is financially sustainable in accordance with the applicable regulatory regimes. On the field, the team has produced some strong results and the squad is looking fit and better balanced.

“However, we need to find our best form on a more consistent basis as we approach, what I hope will be, an exciting end to the season.”

More info and full report HERE.