Arsenal's pre-tax profit falls 18 percent

LONDON, Sep 20 (Reuters) London soccer club Arsenal's pre-tax profit in the year to end-May fell 18 percent to 15.89 million pounds, as lower property development sales offset gains from selling players and reaching the European cup final.

In a statement on its Web site today, Arsenal said a lack of major sales from its property development business had knocked operating profits before player trading.

But turnover from football jumped 17 million pounds (32 million dollars) to 132.1 million pounds, after the club secured a lucrative final place in the Champions League, meaning pre-tax profit from soccer almost doubled to 16.8 million pounds.

And the sale of star midfielder Patrick Vieira to Juventus helped player trading contribute 3.9 million pounds to pre-tax profits, against a 12.1 million pound cost a year earlier.

Net debt rocketed 71 percent to 262.1 million pounds as Arsenal ploughed money into its new north London stadium. The club relocated this season after 93 years at nearby Highbury.

Reuters PM GC1353