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Arsenal slash club debt

London - Arsenal have cut their debt by almost 40% to 203.6 million pounds, maintaining its reputation as one of the more stable clubs in the English Premiership.

Buoyed by the sale of another 261 apartments in the Highbury Square property development on the site of its former stadium, the north London club made a pretax profit of 35.2 million pounds for the six months ending November 30, 2009.

Arsenal's debt was 332.8 million pounds in May 2008.

The club have now sold 524 of the 655 Highbury Square apartments and non-executive chairperson Peter Hill-Wood says "the next couple of years will see our property activities delivering surplus cash."

He said on Friday that surplus cash could be invested in new players.

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