Supplementing flat football revenues, the club earned $259.9m from the property development of its old Highbury stadium.

The financial benefits of the move to the Emirates Stadium have been manifold. Match day revenue per match increased to $5.68m, despite the club playing five fewer home matches than in 2008/2009. This implies that if the club performs well in future club competitions, there would be substantial match day revenue increases.

Higher distribution from the Premier League was attributed to the club’s broadcast revenue increasing to $143m in 2009/2010, up from the previous season’s $120m. This was due to the club improving its league position to third, while UEFA distributions rose to $45.2m.

However, Arsenal lagged behind the elite European clubs in terms of commercial revenue, falling by $6.5m to $70.4m. The decrease was attributed to a mixture of the economic climate and less successful cup campaigns, which impacted on attendances.

The $144.1m naming rights deal with Emirates Airlines is expected to run till 2020/2021, while the shirt front sponsorship runs till 2013/2014. Bound by such long term partnerships, the likelihood for substantial increases in commercial revenues is not likely in the short term.

Committed to financial self sufficiency and a strong and stable business model, the Gunners’ long term strategy of pursuing international commercial development could provide the club with a financial strength matched by few clubs.