Premier League football club Arsenal made a loss of £2.2m for the six months to the end of November, a sharp fall from the £17.8m profit it made in the same period a year ago.
Turnover from football increased to £136m, up from £106.1m during the same period in 2012.
However, profit from trading players suffered a steep decline, from £42.5m to £6.1m.
Before player trading and depreciation, operating profits were £22.2m.
Arsenal are currently in second place in the league, one point behind Chelsea.
The club has confirmed a five-year sponsorship deal with Puma as its new kit partner, which will come into force from the start of the next financial year.
The club's chairman, Sir Chips Keswick, said: "We believe we are in a strong position to take the club forward, both in the short term and beyond, and to deliver future on-field success."
Jordan Horner given Asbo for 'religious extremism'
Jordan Horner has been linked to extreme religious groups
A man from east London has been given a "landmark" Asbo for spreading extremist religious views, the Met Police said.
Jordan Horner, 20, of Walthamstow, has been linked to extreme religious groups and taken part in vigilante patrols and street protests promoting extreme versions of Islam, police said.
Restrictions were placed on him at the Old Bailey for five years.
Waltham Forest Police said it sent a "clear message" and officers added it was a "landmark case".
Carmarthenshire council chief steps down during police inquiry
Carmarthenshire council has hit back at the Wales Audit Office and has defended its actions
Carmarthenshire council's chief executive has stepped down while police investigate payments to him described as unlawful by a spending watchdog.
Mark James had cash payments in lieu of employer pension contributions when he opted out of the staff pension scheme.
Mr James said it was "right and proper" he should not be in the office while police concluded their inquiries.
But he said he was "absolutely certain" that neither he nor any of his officers had done anything wrong.
Gloucestershire Constabulary will conduct the investigation.
The council has maintained the payments were lawful and strongly criticised the Wales Audit Office (WAO).
The payments were to avoid tax liabilities when Mr James left the Local Government Pension Scheme.
More than £27,000 was paid to Mr James under the scheme since 2012.
The WAO said the council had since "rescinded its decision to offer a pay supplement in lieu of pension contributions and announced that no further payments will be made to the chief executive from January 2014".
Mark James received cash payments in lieu of pension contributions
Another WAO report that found a payment to cover Mr James's costs in launching a counter-claim in a libel action brought by a local blogger was also unlawful.
In a statement, council leader Kevin Madge said: "By mutual agreement the Chief Executive Mr Mark James will no longer undertake his duties as chief executive from now until police inquiries concerning the two Wales Audit Office public interest reports have been concluded.
"I welcome the police investigation which will give the public the assurance they deserve.
"The auditor has not referred his reports to the police nor has he made any suggestions of any criminal wrongdoing, and I hope that the investigation can be concluded as quickly as possible in order for us as a council to move forward."
Mr Madge said Deputy Chief Executive Dave Gilbert would fill in for Mr James while he was away.
Mr James said that temporarily stepping down during the police inquiry would "avoid any perception of undue influence being brought to bear".
He added that he hoped the investigation would be conducted "as quickly as possible" as this was "in everyone's best interest".
Mr Madge concluded the statement: "I have nothing further to say on this matter - there will be a full, frank and public debate on the reports at the council meeting of February 27."
Political reform: Has the revolution been cancelled?
By Brian WheelerBBC News political reporter
Five years ago at the height of the expenses scandal we were promised a new kind of politics. How's that going?
Politicians often have to eat their own words, but they normally have some clever get-out clause that allows them to claim that they haven't really broken a promise or done a U-turn.
But in the case of the recall of MPs, David Cameron and Nick Clegg are, it appears, bang to rights.
The 2010 coalition agreement said: "We will bring forward early legislation to introduce a power of recall, allowing voters to force a by-election where an MP is found to have engaged in serious wrong-doing and having had a petition calling for a by-election signed by 10% of his or her constituents."
On Thursday evening, we learned that the power of recall has, well, been recalled. There will be no legislation, early or otherwise.
Recriminations are flying around about who is to blame for this.
But it does appear, on the face of it, to be the final nail in the coffin of the wholesale reform of politics promised by all party leaders in the wake of the 2008 expenses scandal.
The expenses scandal prompted a push for wholesale reforms
What heady days they were.
The political classes were so shocked by the public backlash over expenses that they were suddenly prepared to contemplate all kinds of ideas previously rejected as wild and impractical.
Anything to shake the rapidly solidifying impression that they were a smug, out-of-touch elite only interested in lining their own pockets.
''What I have seen offends my Presbyterian conscience; what I have seen is something that is appalling," said Gordon Brown as he set out details of a Constitutional Renewal Bill.
"The central objective of the new politics we need should be a massive, sweeping, radical redistribution of power," said David Cameron, in an opinion piece for The Guardian.
Zac Goldsmith: "David Cameron has behaved appallingly over this"
"For decades, political reformers have been thwarted by the inertia of Westminster. But the expenses scandal has overturned old certainties and made change possible. This moment must be seized by all those who want a different kind of politics in Britain," said Nick Clegg.
The coalition agreement promised to fix Britain's "broken" political system, adding: "We urgently need fundamental political reform, including a referendum on electoral reform, much greater co-operation across party lines, and changes to our political system to make it far more transparent and accountable."
What remains of that agenda now?
Many smaller items have been ticked off the list - such as online petitions that can trigger debates in Parliament and a backbench business committee in the Commons.
Individual voter registration is also going ahead, as part of efforts to tackle electoral fraud.
And fixed-term parliaments - to end the supposed advantage the ruling party has in choosing the election date - are now a fact of life.
We have also had a referendum on changing the voting system for general elections (remember that?), which resulted in a resounding defeat for those who wanted to scrap the traditional first-past-the post system.
No-to-AV campaigners celebrate their referendum victory
But the promise of a fully or wholly elected House of Lords lies in tatters.
And there is no sign of the 200 all-postal primaries "targeted at seats which have not changed hands for many years".
Big city mayors - a Boris for every city, as David Cameron memorably described it - have also fallen by the wayside after a series of referendums.
Lib Dem commentator Mark Pack says the coalition gets nine out of 10 for effort, but only four out of 10 for achievement.
He says: "One of the reasons it has not changed massively is that the real, genuine public anger over expenses did not convert into sustained public demand for changes in the way that the system operates. It is a shame."
Conservative MP Douglas Carswell is in no doubt that the decision to drop recall represents the death knell for the reform agenda. For now.
"It is bitterly disappointing. It is, I think, a very significant moment," says the maverick backbencher.
"Political reform, at the time of the expenses crisis, was offered by all three party leaders, even Gordon Brown. The coalition could have been extraordinarily radical on this.
"This government could have been different, but I think this marks the moment at which it becomes just another administration."
The problem, argues Mr Carswell, is that the reform agenda was "hijacked by the political class".
They wasted valuable time on things they cared about, such as Alternative Vote and an elected second chamber, but which the public could not care less about, he says.
But reforms that would really have made a difference, such as the giving the public the power to sack their MP, were booted into the long grass, falling victim to the Westminster inertia Nick Clegg once railed against.
"The country is run by a clique sitting on a sofa - and the clique sitting on a sofa don't want to change things," says Mr Carswell.
"They have given us the political reforms the Westminster club wants."
But, he adds, it is only a matter of time before change comes to the British political system: "Spring is on its way and these ideas will be coming back."
What about the argument that MPs were never seriously going to pass a law that would make it easier to be kicked out of their jobs?
"Turkeys don't vote for Christmas but December 25 still happens," he says.
Waite won an Emmy for his role as the Southern family patriarch in The Waltons
Actor Ralph Waite, best known for playing John Walton Sr - Papa Walton - in the long-running TV show The Waltons, has died at the age of 85.
"Ralph was a good honest actor and a good honest man," said Michael Learned, who played his on-screen wife Olivia.
"He was my spiritual husband. We loved each other for over 40 years. He died a working actor at the top of his game.
"He was a loving mentor to many and a role model to an entire generation."
An ordained Presbyterian minister, social worker and former Marine, Waite turned to acting in the early 1960s, starring on Broadway opposite Faye Dunaway in Hogan's Goat.
Small screen roles followed, working alongside the likes of Paul Newman and Jack Nicholson in films such as Cool Hand Luke and Five Easy Pieces.
But it was with The Waltons, which began in 1972, that Waite found global fame.
The actor, already in his mid-40s played Depression-era homesteader John Walton - the father of seven, living in rural Virginia, who worked hard to look after his family while imparting wisdom and authority to his homespun brood.
The Waltons starring Ralph Waite began in 1972
"I am devastated to announce the loss of my precious 'papa' Walton," said Mary McDonough, who played daughter Erin Walton. "I loved him so much; I know he was so special to all of us. He was like a real father to me. Goodnight Daddy. I love you."
The show was an unexpected hit. Running for nine seasons, it prompted a series of movie spin-offs and found viewers around the world.
"Somehow, we struck a vein in the life of the world," Waite, who directed 16 episodes of the series, said in an interview last year with local paper The Lancaster News.
He once recalled a woman who told the actor she was inspired to go to college by the paternal figure of John Walton, Sr.
"She said, 'Now, I'm a lawyer and I don't think I would be if I hadn't seen that show,'" Waite said. "I'm still amazed by that. It happens all the time. The whole thing is still amazing."
Waite played Jackson Gibbs in a handful of episodes of NCIS last year
The actor received an Emmy nomination for his role in The Waltons, and another for his performance in the 1977 mini-series Roots, playing Slater, the first mate of a slave ship.
In 1975 he founded the Los Angeles Actors Theatre, donating $50,000 to get the company off the ground.
Simultaneously he ran for Congress in California three times as a Democrat - albeit unsuccessfully - and, mindful of his own struggles with alcohol, became involved in an alcohol and drug recovery programme.
He remained a working actor until late last year, starring in '90s big screen hits such as Cliffhanger and The Bodyguard.
Last year Waite starred in the crime series NCIS, playing the father to Mark Harmon's protagonist. He also made recent appearances in Bones and US soap Days of Our Lives, as Father Matt.
He was married three times, and is survived by two daughters from his first marriage.
Newcastle United striker Loic Remy: Rape case dropped
Loic Remy is on loan to Newcastle United from Queens Park Rangers
Footballer Loic Remy will face no further action following his arrest over rape claims.
The 27-year-old Newcastle striker was held in May last year along with two other men after a woman alleged she had been attacked in Fulham, west London.
The three were told on Thursday they would face no further action over the allegations.
At the time of Remy's arrest, the French international, who is on loan from QPR, denied the allegation.
Arsenal's Arsene Wenger is the longest-serving manager in the Premier League 
