Highbury Flats Sale To Boost Wenger's Kitty
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The Highbury flats are selling well, and acting managing director Ken Friar has said that as the club have not accounted for this profit, the board can be liberal over its usage.
Arsenal's former ground Highbury is in the midst of being turned into a large property development including 680 apartments, 598 of which have already been pre-sold producing an estimated £40million worth of sales income.
Acting manager Ken Friar told the club's official website that the development is a separate entity from the football side of things, but the profit it generates could be used to finance squad acquisitions.
"The financials for the Highbury Square development have been ring-fenced so they are separate from our usual football business," Friar explained.
"As such we have not budgeted for the profit and this allows the board to be flexible over its use as the money has not been earmarked for anything in particular. In that sense it will be a bonus.
"We have options available to us... profits could be used to reduce the stadium debt or to strengthen the team if the manager wishes," he concluded.
The Highbury flats are due for completion in summer 2009. Gunners legends Thierry Henry, Dennis Bergkamp, and Robert Pires are believed to have already financed their future residencies.