Wenger gets huge transfer kitty
2007-09-24 14:14
London - Arsenal manager Arsene Wenger has been promised an enormous £70m (about R991m)transfer kitty after Arsenal revealed themselves to be one of Europe's richest clubs.
Figures unveiled on Monday show the Premiership leaders' move to the Emirates Stadium has driven a near 50% increase in turnover to more than £200m (about R2.8bn) for the year ending May 31 2007.
That sum means they are only edged into second place in the continent's rich list by Real Madrid.
But with operating profit of £51.2m (about R725bn), up 274%, the Gunners now have a level of profitability far in excess of Real.
Match-day revenues of £3.1m(about R44m) per game at their new 60 000 home are double those generated at Highbury, and have seen the Gunners leapfrog main domestic rivals Manchester United and Chelsea - whose respective turnover for the same period was £167.8m (about R2.4bn)
and £152.8m (about R2.2bn).
The revelation of Arsenal's wealth is an ample response to those critics who questioned the effect the cost of relocation to Ashburton Grove would have on the club, and in particular Wenger's transfer funds.
But after reiterating that Wenger did not spend all his budget this summer, delighted managing director Keith Edelman claimed the Frenchman would now have previously unheard of sums available to reinforce his squad.
"I think we are in a very good position," Edelman said.
"Clearly Arsene's performance and the team's performance on the pitch has been outstanding, obviously backed up by our very strong financial position.
- SAPA