Goonersden brings you news from top football news sites from the likes of ESPN, SkySport, Daily Mail, Daily Star and Metro… We also Analyse football, player, transfer and predict Arsenal starting line-up.
According to the Daily Star, Arsenal have released its recent financial report, once again showing that the club is in a healthy position financially.
Financial reports released over the years have revealed that the club is financially healthy but Wenger has not backed up those claims with hs activities in the transfer market.
One thing common with Arsenal fans is the constant complaints of the club’s relative inactivity in the transfer market over the years. Although this summer was different as the club spent close to £90m on new signings, the financial reports released on Friday showed that the club could have spent more than that.
Arsenal director Sir Chips Keswicks has now revealed that the club cannot spend all the money on signing players because it has to service debts.
The chief said:3
“Our cash reserves at the end of the year stood at £226.5m and this figure will doubtless attract the usual speculation from fans and commentators.
“That being the case, it is my duty to point out that after excluding debt service reserves and amounts owed to other clubs on past transfers the balance reduces to £149m.
“This figure is in itself inflated, due to the seasonality of our cash flows, by advance sponsorship and season ticket receipts for the new season.
“Against the underlying balance of available funds we have, as mentioned above, invested strongly in player acquisitions during the summer at a total transfer in cost of more than £90m with additional significant commitments to player wages, agent’s fees and performance related contingencies on top of that.”
“Whilst we have spent strongly we have not over stretched,” he continued. “It would have been bad business practice not to have retained some small degree of flexibility to allow us to invest again in the right player and/or to maintain the current squad as and where we want to offer improved and extended contracts for key players.
“We make our investments on a prudent and reasoned basis which is something the Club does well and which is even more important in a competitively inflated marketplace.
“This approach has served us well and it will continue.”
The latest figures released shows that the club has more money in its coffers than Real Madrid and Barcelona combined.
To keep the club financially stable has been Wenger’s aim and the French man will be very excited by the club’s current financial position.
The fans will be a bit concerned that the money cannot be used to strengthen the squad but they should be relieved by the fact that the club’s future is secured and free from impending financial crisis.