‘Solid’ Gunners figures please Gazidis

CHIEF executive Ivan Gazidis is confident Arsenal’s commercial future is bright after a “very solid” set of results, despite a fall in turnover and profit.

The Gunners, who have US billionaire Stan Kroenke as their majority shareholder, reported group turnover for the year ended May 31, 2011 as £255.7m (€297m), down from £379.9m (€441.8m) in 2010, while profit was reduced from £56m to £14.8m (€17.2m).

However, factors such as reduced income from property sales at the Highbury redevelopment and increase of player wages have played their part, with the high-profile summer sales of captain Cesc Fabregas and Samir Nasri not taken into account in this period.