London, England (CNN) -- English Premier League club Arsenal have posted record pre-tax profits of $88 million.
The north London team, of whom American businessman Stan Kroenke is a major shareholder, announced they had paid off their debt on former stadium Highbury, which was turned into a development of apartments.
With an increased capacity at their new Emirates Stadium, and money received from high-profile transfers, the Gunners' financial figures up to May 2010 revealed pre-tax profits had increased by $16 million on the previous year.
Ivan Gazidis, Arsenal chief executive, told the club's website: "It is important that we continue to develop a vibrant and robust business with sufficient revenues to sustain success.
"The group has made good progress over the last year and I am excited by the opportunities which we have in front of us".
CNN
