Published on the club’s official website, Arsenal announced debts have been drastically reduced and a half-year pre-tax profit of £35.2million achieved. Speaking on this, chairman Peter Hill-Wood revealed part of this progress will help in the investment of the team although focus will also be given to club projects and infrastructure.

Hill-Wood said:

I am pleased to report that the Group has delivered another profitable set of results for the first six months of the financial year.

There has been remarkable progress at Highbury Square over the last twelve months and it is clear that the next couple of years will see our property activities delivering surplus cash. This is very good news, although I would not want to speculate on the exact quantum or timing of this. How we will use this surplus remains undecided but, in addition to investing in the team, I think we will examine investment in Club projects and infrastructure, both in and around Emirates Stadium, which will provide a long lasting benefit to the Club and our tremendous, loyal supporters.

Looking ahead, our strong financial base allows us time to take a measured and diligent approach to determining the Club’s direction beyond our move to Emirates Stadium and into the next phase of growth.

Whether manager Arsene Wenger will take advantage of this and sign new players is all to be seen of course, especially since last May, Hill-Wood revealed there is money for the Frenchman if this is required, with Wenger then deciding to sign only Belgian defender Thomas Vermaelen for this season’s campaign.

The Gunners will be in action at the Britannia Stadium this afternoon as they will try to keep their title hopes alive by defeating the team which eliminated them from this year’s F.A. Cup.