• Premier League

Wenger has money to spend at Arsenal - Gazidis

ESPN staff
February 27, 2012
Arsene Wenger has money to spend this summer after Arsenal posted their latest round of financial figures © Getty Images
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Arsenal revealed they made £63 million profit on the sales of Cesc Fabregas, Samir Nasri and Gael Clichy, following the latest release of the club's interim accounts on Monday, meaning manager Arsene Wenger has scope to raid the transfer market.

The Premier League side's financial figures for the six months ending on November 30 2011 showed that, along with the profit made from the exits of Fabregas to Barcelona and Nasri and Clichy to Manchester City last summer, they also laid out £74.7m on 'investment in new players and extended contracts'.

Arsenal's group profit before tax for the period was £49.5m, which compared to a loss of £6.1m in 2010, with the club stating it has 'no short-term debt and continues to have a solid financial platform from cash reserves of £115.2m'.

Commenting on the figures, Arsenal non-executive chairman Peter Hill-Wood said: "We are proud of Arsenal's record and consistency over many seasons and have the foundations in place, at every level of the club, to ensure we remain a force in the seasons ahead."

Arsenal chief executive Ivan Gazidis confirmed in an interview with the club's official website that the money is there for Wenger to reinforce his squad this summer.

"All of the money that the club generates is available to be reinvested into the club and into the team," stated Gazidis.

The news comes off the back of Arsenal's stunning 5-2 north London derby win over Tottenham on Sunday.

© ESPN Sports Media Ltd.
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