Arsenal have announced an overall loss of £2.5million in their half-yearly accounts, but claim their "robust financial performance" has kept them on track.
The Gunners revealed the after-tax loss - taking into account changes in property and player trading, which are essentially one-offs - for the six months ended 30 November 2010, compared to a 2009 profit of £29.2m.
There was also a significantly reduced profit on player sales of £4m, with no big names having departed, compared to £33.9m the previous year when the coffers were boosted by the sales of Emmanuel Adebayor and Kolo Toure to Manchester City.
The sale of 50 apartments at Highbury Square generated revenue of £22.5m and an operating profit from property of £3.3m, while property business continues to be debt-free with all sales contributing to Group's cash position of £110.4m (£101m in 2009).
Non-executive chairman Peter Hill-Wood said: "This is a robust performance in the current climate and is where we expected to be at this stage of the financial year and at this stage in our longer term development plans for the growth of the club.
"The club is exactly where we want to be, competing for trophies across the closing months of the season. I know that Arsene Wenger and his players will remain focused and will be appreciative of the fantastic support they get from our fans around the world.
"I also want you to know that we are proud of the fact we continue to compete at the highest level while staying true to our principles.
"We continue to operate as a self-funding club. This brings its own challenges in an increasingly competitive environment but provides the platform for a secure and positive long term future."