Arsenal hurt by drop in property sales

Arsenal's struggles go beyond the pitch. The Premier League club this weekend announced a 78 per cent decline in profit for its latest fiscal year, in part due to a steep decline in property sales around its old stadium.

The team's net income fell from £61 million (Dh349m) to £13m for its fiscal year, which ended May 31.

An 80 per cent decline in property sales was "expected," the club said, after reporting £156.9m in property sales in 2010. The club has already sold most of the 665 apartments it built in a mixed-use development around its old Highbury stadium.

The development provided a windfall for the team, allowing a £4.5m bump in salaries last season, the club said.

Factoring in the decline in property sales, the club's revenue fell to £255.7m this year from £379.9m. The team also lost £14.6m in player trades, but that doesn't include this season's sale of superstars Samir Nasri and Cesc Fabregas.