English Premier League soccer club Arsenal reported a decline in full-year operating profit as increased wage costs offset a rise in commercial revenue. The London club, which has endured a poor start to the Premier League season, said underlying operating profit fell to 45.8 million pounds ($71.8 million) in the year to end May from 56.8 million pounds the year before.
Arsenal, who have been criticised by fans for lagging behind rivals such as Manchester City and Manchester United in investment on the playing front, said player wages increased to 124.4 million pounds from 110.7 million pounds the year before. That represented 55.2 percent of total football revenues, a sharp increase on the 49.7 percent level seen the previous year. Arsenal said revenue decreased to 255.7 million pounds from 379.9 million the year before, reflecting the expected lower level of sales of apartments at Highbury Square, the site of their old stadium.
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