The results, which covered the year ended 31 May, 2014, also revealed Arsenal had cash reserves of £173m.

Profit was down £2m from the corresponding 2013 results with turnover up to £301.9m from £280.4m, driven by improved broadcasting income, new commercial deals and their FA Cup success.

Wages were up by £12m to £166.4m, representing 55.7 per cent of football revenue, with players such as Theo Walcott, Aaron Ramsey and Jack Wilshere all signing improved contracts.

For the first time in several seasons, Arsenal did not sell any star players last season and profit on sale of player registrations up to 31 May was reduced to £6.9m from £47m in the same period for 2013.

With Arsenal's £390m switch to a new 60,000-seater home at Ashburton Grove in 2006 being funded by a long-term fixed-rate bond repayment, the group reported cash balances up to £173.3m, from £119.6m last year.

Chief executive Ivan Gazidis vowed the board would continue to support manager Arsene Wenger in aiming to keep Arsenal challenging for honours.

"The club is in excellent shape, both on and off the pitch," Gazidis said.

"There is always more to do and, whether investing in the team or in training facilities which will provide long-term benefit to the club, our guiding principles are the same and our focus is clear, on delivering more on-field success.

"This remains the shared ambition of our majority shareholder, Stan Kroenke, the board and everyone connected with the club.

"We are well placed to deliver against those ambitions."