Arsenal transfer boost

Arsenal manager Arsene Wenger will have £70 million to spend on transfers after the club announced an annual operating profit of £51.2 million.

Wenger's policy of developing young talent and the recent move to a new stadium have generated record income and that has boosted the club's spending power.

Managing director Keith Edelman said: "We have got plenty of financial firepower to makes the transfers Arsene wants to make.

"We had over £70million of cash at the end of the year and if Arsene wants to spend that money we will make it available."

Arsenal have only dropped two points in their first six Premier League games, leaving them top of the table with a game in hand on most of their rivals.

Edelman added: "I think we are in a very good position. Clearly Arsene's performance and the team's performance on the pitch has been outstanding, obviously backed up by our very strong financial position."

Since moving to the 60,000-seat stadium at Ashburton Grove, Arsenal's turnover has reached £200 million, which is bettered only by Real Madrid who barely make a profit.

The club's bank balance has swollen from to £73.9m, from £35.6m over 12 months and yet Arsenal's transfer dealings have been relatively modest.

There has been recent speculation that Alisher Usmanov or Stan Kroenke could make a takeover bid for the club, but the current board does not seem vulnerable while the club is making money and succeeding on the pitch.

Chairman Peter Hill-Wood said: "The best way that Arsenal can continue to deliver success is by maintaining a business that pays its own way.

"This philosophy helped establish our objectives for the club's move away from Highbury and now provides Arsenal with the increased income, profitability, cash generation and firm financial foundations from which we will continue to build trophy-winning Arsenal teams for many years to come."

Arsenal generated £3.1 million per home game last season, more than double the amount they received while playing at Highbury and even more than Manchester United produce at Old Trafford.

The figures for the year ending May 31, 2007, do not include transfers or depreciation, so the £16 million sale of Thierry Henry to Barcelona is not taken into account.

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