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Home >> Sports
UPDATED: 08:20, September 06, 2005
Wenger gets transfer money as Arsenal reserves rise
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Arsenal manager Arsene Wenger will get financial boost for the January transfer window after annual financial results revealed that the club's cash reserves have increased nearly four-fold to 63.1 million pounds (116.6 million dollars).

The figures, for the year to May, do not include the 20 million euros Arsenal raised by selling Patrick Vieira to Juventus last month.

Managing director Keith Edelman confirmed Wenger would have money to spend in January after missing out on key targets during the summer, including the Brazilian forward Julio Baptista, who opted instead for Real Madrid.

"Some of the money in our reserves relates to future financial years, where we keep some cash to pay all of our costs in those years - but there are sufficient funds available to the manager for transfers," Edelman said.

He added however that Wenger would maintain his famously prudent approach to bringing in new players.

"Arsene knows what his budgets are. He has always been a cautious buyer of players, a very astute buyer, and a very successful manager.

"Just because he has got a budget does not mean he will spend it if he does not believe it will strengthen the squad."

The increase in cash reserves was largely due to an injection of 30 million pounds from the Granada Media Group, which has a 9.99 percent stake in the north London club, and the first payments from new sponsors Emirates Airlines, which has acquired naming rights to Arsenal's new stadium.

The Gunners are due to move to the new 60,000-seat venue for the start of next season.

The burden of financing the 400-million-pound project contributed in an increase in Arsenal's net debt to 153.3 million pounds, up from 141.3 million.

Turnover and operating profit at Arsenal's parent company, Arsenal Holdings, were both flat but pre-tax profit rose to 19.3 million pounds, from 10.6 million.

Arsenal directors are looking forward to a transformation in the club's finances once they move from their current Highbury home, where capacity is currently 38,000, to the new stadium.

As well as nearly doubling match-day income, the completion of the new stadium should allow Arsenal to refinance its debt, leading to substantial savings on interest charges.

Source: Xinhua

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