Arsenal are sitting on whopping 120m in the bank… so why did they only spend 8.5m on a full back in January as their rivals left them behind
The club, who are under increased pressure from fans to start competing in the transfer market, also showed that money was made on player sales once again, despite including the extra funds used to improve the contracts of Jack Wilshere, Theo Walcott and others.
The news will receive mixed reviews from fans who are growing impatient at the lack of ambition shown in the market.
Show me the money: Arsenal have released their financial figures to show they turned a profit once again
Arsenal were off the pace in the battle for fourth when the January transfer window opened, yet they waited until the final hours to strengthen their squad, only then spending a minimal 8.5m on left back Nacho Monreal.
The lack of action came after a summer in which the club sold their captain, Robin van Persie, to Manchester United for 24m.
Arsenal chairman Peter Hill-Wood
said: 'Our ability to compete at the top of the game here and in Europe
is underpinned by our financial performance which gives the club
strength and independence.
'Our desire is to make everyone
connected with Arsenal proud of the club. We know that comes through
winning trophies but also through the way we do things and that will
remain our constant guide.'
The financial report states the that
'profit on sale of player registrations amounted to 42.5m' – down
from 63m in 2011 but still a cause of concern to those fans who
believe Arsenal have not replaced players such as van Persie and before
him Cesc Fabregas by those of similar quality.
Hill-Wood insisted, however, that was not the case.
He added in a statement: 'Let me be
quite clear that our intention is to keep our best players and recruit
new talent to make us stronger.
'Although we were disappointed to see Van Persie leave the club, we have taken steps to secure our best
players going forward and have recently signed Jack Wilshere, Theo
Walcott, Kieran Gibbs, Aaron Ramsey, Alex Oxlade-Chamberlain and Carl
Jenkinson to new long-term contracts.
'During this financial period we also
invested 40.9m in the acquisition of new players, Lukas
Podolski, Santi Cazorla and Olivier Giroud, and the extension of other
player contracts. More recently we added Nacho Monreal to our ranks from
Solitary buy: Monreal (left) was Arsenal's only purchase in January
Boost: Arsenal improved the deals of six homegrown players this season, but still turned profit
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Hill-Wood said that the Premier
League club's agreement to bring in financial fair play-style spending
controls would help Arsenal.
He said: 'These new rules will be good for us, good for the Premier League and good for the game as a whole.
'It is important that we maintain the
quality and level of competition if the game is to continue being a
compelling spectacle and we believe the introduction of tighter
financial regulation will assist all clubs to compete while remaining
Arsenal's football turnover dropped
from 113.5m to 106m as a result of four fewer home
fixtures compared to the same period last year.
The report also
confirmed an extended partnership with Emirates which will be worth up
Hill-Wood added: 'The Emirates
partnership is one of the biggest sponsorship deals in the game and is
an endorsement of the commercial approach we are taking.'
The figures are for the half year to the end of November 2012.
Protests: Arsenal fans have grown frustrated with a lack of spending compared with high ticket prices
The Arsenal Supporters' Trust (AST) said the figures highlighted the need for the club to spend more money on team strengthening.
An AST spokesman said: 'These figures contain few surprises. They show that Arsenal yet again made a profit from the sale of their best players and that the club has large cash reserves.
'Arsenal fans have contributed to this financial health through paying some of the highest ticket prices in world football. A further improvement in the club's financial strength is expected when new TV monies and commercial deals come on stream in 2013 and 2014. AST members want to see this money used for more, and better, investment in the team'.