English soccer club Arsenal announces record profits of $56 million while debt falls

English soccer club Arsenal reports $56M profits

LONDON — English soccer club Arsenal has announced record profits of $56 million following a big increase in turnover and manager Arsene Wenger’s refusal to pay huge transfer fees.

Releasing figures Monday for the year that ended May 31, Arsenal said that turnover increased to $498 million thanks largely to TV revenue and ticket sales gained when the team reached the semifinals of both the Champions League and FA Cup.

At the same time, the overall debt caused by the building of the 60,000-capacity Emirates Stadium has reduced to $473 million $505.6 million the previous year.