The construction of 186 flats on the site of the stadium is close to completion at a cost of £76.7m. Only £58.1m of that total had been covered by agreed sales as of November 30 and the club admitted that loans related to the project would have to be refinanced.

Match-day turnover is, however, up, and the chairman is quoted as saying the property dealings are "largely" independent of the football business.

Will Arsenal development get the big walk-away? [June 20, 2008]
Flipping feeding frenzy or wave of sentimentality at Highbury? [November 25, 2005]

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