The Arsenal Director Sir Chips Keswick has come out to say that although the Gunners spent over 90 million this summer on some (extremely good!) new signings, he insists there is still cash in the pot when Le Prof wants to bring in more signings.
He said today in a very extensive description of our transfer activity: “Our cash reserves at the end of the year stood at £226.5 million 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 £149 million.
“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 £90 million 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.”
It has certainly served us well this summer and we really do have a big chance of the title this season. Just imagine if Wenger spends the same amount again next summer on some more excellent signings….