LONDON - Arsenal said they would stick to their policy of living within their means after the sale of star players Cesc Fabregas and Samir Nasri helped the club more than double pretax profit.
The results are a double-edged sword for a club run on a prudent financial basis but whose fans are frustrated by the departure of top players and the lack of a trophy win since 2005.
Arsenal, who last won the Premier League title in 2004, has been overtaken by free-spending teams like Premier League champions Manchester City, bankrolled by cash from Abu Dhabi.
Chief Executive Ivan Gazidis said Arsenal are strongly placed to succeed in the long term as clubs are forced to implement rules from UEFA to rein in losses.
“We can and we will forge our own path to success and avoid the many examples of clubs across Europe struggling for their very survival after chasing the dream and spending beyond their means,” Gazidis said.
“Football is moving powerfully in our direction.”
Majority owned by American Stan Kroenke, Arsenal remains one of the top teams in the Premier League and has qualified for the European Champions’ League for 15 seasons in a row.
However, fans of the north London club were angry when striker Robin van Persie joined rival Manchester United last month for a reported £24 million.
The club reported pre-tax profit of £36.6m in the year to May 31, up from £14.8m the previous year. Profit from player trading was £26m after Fabregas went to Barcelona and Nasri joined Manchester City.
Billionaire businessman Alisher Usmanov, whose Red and White Securities vehicle owns just under 30 per cent of the club, has criticised the board for selling leading players.
Despite the loss of Van Persie, Arsenal have made a promising start to the season and are in fifth place in the 20-team Premier League.
Revenue from core football activities rose to £235m. This compares with the £320m revenues reported earlier this month by Manchester United, who have mined their powerful global brand to boost coffers.
Gazidis said Arsenal would look for a significant increase in revenue from the renewal of shirt and kit partnerships after the 2013-14 season.
Nike is the current kit supplier with the Emirates airline the shirt sponsor.
Manchester United signed a $559m deal in August with General Motors to have the Chevrolet brand on their shirts for seven years from 2014.