Image caption Arsenal fans may be cheered up by the news the club will have more money for players

Premier League football club Arsenal saw annual profits fall from £36.6m to £6.7m despite making £47m from selling Robin van Persie and Alex Song.

The sale of the two stopped the club from falling into losses for the year to the end of May, encompassing a season without trophies.

Arsenal, majority owned by billionaire Stan Kroenke, sold Van Persie to arch-rivals Manchester United.

The club said it planned to spend more on new players this season.

The team finished fourth in the Premier League last season and had been criticised for failing to invest in buying new footballers.

However, Arsenal qualified for the money-spinning Champions League and has made a strong start to this season, currently standing joint top of the Premier League.

Spending money

According to Arsenal's statement, the club spent more on players than it gained, spending £58.7m on new signings and extending contracts.

Since the financial year was completed, the club has spent another £42.5m on the German Mesut Ozil, signing him from Real Madrid.

The club's chairman, Chips Keswick, said manager Arsene Wenger would be given more money to invest. "With the Ozil transfer I believe we have made a significant statement and when Arsene decides the time is right to invest again Stan Kroenke, myself and the rest of the Board will be delighted to support him," Mr Keswick said.