Arsenal latest: Losses announced with Sagna set for exit?

Arsene Wenger In Emirates Press Conference

All the latest news, views and transfer rumours from the Emirates Stadium...

There has been some concerning news for Arsenal fans today, as the club announced pre-tax losses in the six months to the end of November. The loss was only £2.2m, which isn't too much of a concern for a club the size of Arsenal, but it represents a £20m decline in pre-tax profits for the same period in 2012.

Turnover from football did rise considerably, but big reductions from player sales and revenue “related to property owned by the company” have led to the disappointing financial figures, though chairman Chips Keswick is remaining positive about the future of the Gunners both on and off the field.

"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.

"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."

It seems the money that Arsenal do have won't be going to Bacary Sagna, whose contract is set to expire at the end of the season. Arsene Wenger has seemed optimistic about renewing the Frenchman's contract, but new speculation suggests that the 31-year-old right back has been offered a bumper £110,000-per-week contract with Inter Milan – money which Arsenal certainly shouldn't give the former Auxerre man.

Meanwhile, Wenger has been commenting on the title race, suggesting that Chelsea are now the favourites to lift the Premier League title and that it now their lead to lose at the summit. Arsenal are just a point behind the Blues, with Manchester City and Liverpool also challenging for top spot, but Wenger insists that Jose Mourinho's side are in the driving seat.

“It is very open, only Chelsea can lose it now because they are in front and all the other teams can win it. I’ve always said many teams are in it and it will be very tight until the end,” he said. “I think just that our job is to be ambitious and to try to win, if we do not win to take full responsibility for that. That’s as simple as that and that’s how I see it.”

“I say yes we are in it, yes we will have a go for it, we will absolutely give everything to go for it and if we don’t do it I will take responsibility for it, but I just see it like that," he added.

image: © HITC

Register for ARSENAL team updates

Register for CHELSEA team updates

Register for HITC Sport - Daily Dispatch