FT: Arsenal on back foot over flat sales windfall

The property slump has hit Arsenal’s hopes of a windfall from the redevelopment of their old Highbury stadium, prompting the Premier League club to say that any profit from the sale of flats would now be regarded as “a bonus”.Arsenal had earlier this year confidently predicted it would generate turnover of more than £350m from its development projects, which would have provided a surplus of up to £100m. But a more sombre view emerged in Friday’s results, in which Peter Hill-Wood, chairman, said the sale of 680 apartments “may be affected” by the property market.