More funds for Wenger as Arsenal profits rise

Arsenal managing director Keith Edelman said adequate transfer funds would be available for manager Arsene Wenger after full year profits at the Premier League club almost doubled and cash reserves soared.

Arsenal, who finished second behind Chelsea last season and won the FA Cup, announced yesterday pre-tax profits of £19.3 million from £10.6 million in the year to end of May.

Net debt increased by £12 million to £153 million, but strong sales of season tickets and corporate boxes at the new Emirates Stadium, which opens next season, helped cash reserves rise to £63.1 million from £17.6 million.

The sponsorship deal with Emirates Airlines, worth £100 million over eight years from the start of next season, also bolstered funds.

"There are adequate funds available for the manager," Edelman told Reuters.

"(But) Arsene takes the view that he won't invest in purchasing new players unless he thinks he finds the right player that will strengthen the squad.

"If he believes he can find someone who would strengthen the squad the board would support him in spending money."

Belarus midfielder Alexander Hleb was the only major signing in the close season, joining from Bundesliga side VfB Stuttgart for up to 15 million euros, while former captain Patrick Vieira went to Juventus for 20 million euros.

The new stadium, which will seat 60,000 compared to 38,000 at Highbury, is expected to increase matchday income by about £20m a season.

The club are considering refinancing the £357-million-project, currently funded by bank loans, through a longer term debt facility such as a credit-wrapped bond, which is backed by an insurer allowing the borrower to achieve lower funding costs.

The 150 corporate boxes at the new stadium have sold out and club seats are expected to sell out over the next three to four months.

Arsenal have a season ticket waiting list of more than 35,000.