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Arsenal announces pre-tax losses of 2.7 million euros

The Gunners' finances have taken a hit as profit from player sales reduced dramatically, but chairman Chips Keswick is not worried.

Arsenal has announced an overall loss before taxes of 2.7 million euros from June to November.

Arsene Wenger's side is mounting a concerted Premier League title push this season, but off the field the club has suffered a 24.4 million euro decline in pre-tax profits compared to the same period in 2012.

Turnover from soccer rose from 129.5 million euros to 166 million euros thanks to increases in match-day income and broadcasting revenues, but significant reductions elsewhere resulted in the overall loss. Profits on player sales were reduced by 44.8 million euros compared to 2012, while revenue related to property owned by the club also fell by 38 million euros.

Despite the results, chairman Chips Keswick remains positive about the future of the club both on and off the pitch.

"When I was appointed chairman last summer, there was good reason to believe that the hard work which has been put in, by many people across the club, over recent years had created the momentum for a successful season in every aspect of our activities," he said in a statement on the club's official website.

"Thus far that optimism has been well-founded. We believe we are in a strong position to take the club forward both in the short-term and beyond and to deliver future on-field success."

Arsenal has no concerns regarding UEFA's Financial Fair Play regulations and expects to meet the requirements for the Premier League and the European governing body.