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Context of 'September 24, 2010: Arsenal Announce Large Profit for Previous Season Due to Construction Activities'

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FC Barcelona wins a £2.1 million lawsuit against Fran Merida, a player who left the football club when he was 16, later joining Arsenal FC. Merida is found not to have honored a pre-contractual agreement he had with the Catalan giants. Spanish clubs cannot sign youth players until they are 18, whereas clubs in England can sign 16-year-olds under British law, meaning that some Spanish players sign for English clubs on turning 16. [Daily Telegraph, 10/11/2007] Arsenal will decide not to appeal the ruling and pay the fine for Merida. Reportedly, this decision is taken to improve relations between the two clubs, which have been poor since a similar problem with Cesc Fabregas’s move to London in 2003. [Daily Mail, 10/31/2009]

Entity Tags: FC Barcelona, Arsenal F.C., Fran Merida

Timeline Tags: Football Business and Politics

Arsenal announces record pre-tax profits of £56m for the 2009-2010 season, although a large amount of the club’s revenues was generated by the club’s property development side. Turnover increased to a record £379.9m from £313.3m, although the club’s overall turnover from its football business was marginally down, owing to five fewer home cup matches, as well as reduced income from merchandising and catering. The wage bill increased from £104m to £110.7m and is now around 50 per cent of non-property income. The club says that the business’s property arm, the Highbury Square development, is debt free and making money. The sale of 362 apartments at Highbury Square and the social housing at Queensland Road, developments that were part of the recent move to a new stadium, generated revenues of £156.9m and allowed Arsenal to repay in full the £129.6m in bank loans taken to fund the construction. The group’s overall net debt was reduced from £297.7m to £135.6m. [Guardian, 9/24/2010] Arsenal is one of only four Premier League clubs to make a profit for the 2009-2010 season, when the clubs’ losses totalled £484m. [Guardian, 5/19/2011]

Entity Tags: Arsenal F.C.

Timeline Tags: Football Business and Politics

Arsenal FC signs Jon Miquel Toral Harper from Barcelona, a couple of weeks after his 16th birthday. Due to different employment laws in Spain and Britain, Arsenal can offer Toral a professional contract, although FC Barcelona cannot yet do so and cannot stop him from going to England. Toral is not the first 16-year-old to leave Barcelona for Arsenal; the best-known such transfer was that of current Arsenal captain Cesc Fabregas, who left Catalonia for London in 2003, when he was also 16. Barcelona president Sandro Rosell expresses the Catalans’ displeasure over the deal, calling it “legal but a little immoral.” [Guardian, 2/24/2011]

Entity Tags: FC Barcelona, Jon Miquel Toral Harper, Arsenal F.C., Sandro Rosell

Timeline Tags: Football Business and Politics

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