Arsenal’s move to their new, 60,000-seat stadium at Ashburton Grove has helped the club to emerge as one of Europe’s richest three clubs - and that explains why they are such valued targets for a takeover.

Turnover of £200.8 million for the year ending May 31, 2007 puts Arsenal in the same strata as Manchester United and Real Madrid. Indeed, although the North London club are likely to be behind those two clubs when their results for the same period are released, the size of their match-day revenue and profitability will leave Real in the shade.

In a year’s time, when the cash for the new Premier League television deal is also included, Arsenal and United are likely to be in a league of their own. In contrast, Chelsea and Liverpool will be left far behind unless they move to new stadiums with increased capacities. No wonder Alisher Usmanov, the Uzbek-born billionaire, is circling the Arsenal wagons looking for a way in.

Arsenal’s results from their last season at Highbury showed a turnover of £137.2 million, placing them ninth in the list in Europe. A year on, and turnover has shot up by almost £74 million and profits are £51.2 million.

The move to the Emirates Stadium is the biggest reason for the change and the 60,000-seat stadium is generating mouthwatering revenues of £3.1million a game, more than double the amount achieved at Highbury.

There are two notes of caution to be sounded before Arsenal declare themselves ready to supersede United. Firstly, there is still a considerable debt - some £260 million - to service even if, given these new figures, that should be comfortable enough. Servicing the debt will cost Arsenal £15.3million each year. Secondly, more than ten per cent of the turnover - £23.8million - came from property development at their former stadium. That is an income stream that will soon disappear.

Even taking those issues into account, the future looks blindingly bright - especially since Arsene Wenger, the manager, has committed himself to the club and with the team leading the Premier League.

The financial results also display the value of Wenger to Arsenal off the pitch, because his unerring eye for talent allows Arsenal to make a profit in the transfer market. The latest figures reveal an £18.5 million profit in player trading for the year up to May 31. Next year’s figures should also see a profit in player trading thanks to Thierry Henry’s sale to Barcelona.

Keith Edelman, Arsenal's managing director, has promised Wenger up to £70 million to spend, but if history is anything to go by, Wenger will not take him up on his offer.

The real irony of Arsenal’s situation is that their success will not deter a hostile takeover bid - by contrast it will increase the chances of it happening. David Dein, the former Arsenal vice-chairman who opposed the move to the Emirates Stadium, is chairman of Usmanov’s company Red and White Holdings and they are slowly increasing their stake in the club.

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