Arsenal chairman Chips Keswick has told Arsene Wenger he is free to splash the cash in the next transfer window after the Premier League club revealed cash reserves of over £120 million ($200 million, 147 million euros) in their latest financial results.
The Gunners’ parent company on Friday published figures covering the six months up to November 30, 2013.
Although those results showed there was a group loss before tax of £2.2 million, Arsenal’s sound financial footing was clear to see.
Gunners manager Wenger is often cautious about spending large sums on players, but he did shatter the club’s record transfer fee with the £42.5 million purchase of Germany midfielder Mesut Ozil from Real Madrid in September.
And Keswick says the north London outfit remain fully committed to taking the club forwards with further significant investment in Wenger’s squad once the transfer window reopens at the end of the season.
“While youth development continues to be an important focus, we fully recognise the importance of getting the balance right between youth and experience,” Keswick said.
“As you well know, we signed Mesut Ozil for a club record transfer fee in the summer and, in addition, the signing of Mathieu Flamini has proved to be an astute acquisition.
“We will continue to work hard to keep the players Arsene believes can take us forwards.
“We will also continue to support the manager in the transfer market when he identifies players he believes can further strengthen the squad.”
Arsenal reported football turnover had increased to £136 million from £106.1 million with match-day income at the 60 000-seater Emirates Stadium bringing in £45 million, up from £37.8 million.
Although Arsenal’s group loss before tax was £2.2 million, compared to a profit of £17.8 million in 2012, there is no short-term debt, other than related to regular payments on the loan for the stadium move, and the cash reserves are reported at £120.6 million, up from £99.7 million.
The club state the “overall result for the year is expected to be fully compliant with all of the requirements of both the Premier League and Uefa financial regulatory regimes.”
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