Arsenal Holdings, the parent company of Arsenal Football Club (AFC), has reported a 23 per cent increase in pre-tax profits for the 12 months ending 31 May 2010.

The sale of 362 private apartments at Highbury Square - the site of the Premier League club's former home ground - and a social housing site at Queensland Road generated nearly £157m, a 78 per cent growth. Compared with the previous year, turnover has grown to nearly £380m. Arsenal Holdings' property business is now debt free and has enabled the company to reduce its net debt from £297.7m to £135.6m.

Arsenal Holdings non-executive chair Peter Hill-Wood said: "We now have a debt free property business which is accumulating surplus cash as further unit sales are made at Highbury Square and which has three further property assets to realise over the next few years." In the Blue Square Bet Premier, Mansfield Town Football Club (MTFC) has been bought by John Radford from Andy Saunders, Steve Hymas and Steve Middleton for £1.

Radford has injected an initial £250,000 into the club and will invest a further £250,000 over the course of the 2010-11 season to help realise his ambition of achieving npower Championship football. Meanwhile, Dundee Football Club (DFC) is reportedly facing the threat of going into administration after it was revealed that it owes £250,000 to HM Revenue and Customs.

A club source told BBC Scotland: "HMRC are looking for the payment immediately. And they are being completely inflexible, with no room for negotiation at all."