At last week’s annual general meeting Arsenal chief executive Ivan Gazidis insisted that it is ‘quite untrue to suggest the club is sitting on a huge cash pile that it is refusing to use.’ He claims that the amount available to spend is much lower than has previously been suggested with a figure of £20m being mentioned. That would hardly be enough to shore up the defence in the way that most commentators agree is needed.
At last week’s annual general meeting Arsenal chief executive Ivan Gazidis insisted that it is ‘quite untrue to suggest the club is sitting on a huge cash pile that it is refusing to use.’ He claims that the amount available to spend is much lower than has previously been suggested with a figure of £20m being mentioned. That would hardly be enough to shore up the defence in the way that most commentators agree is needed.
However, the Arsenal Supporters’ Trust (AST) believe that their independent analysis of the club’s latest accounts reveals a cash surplus nearer £40m. Allowing for money to service debt (£35m), working capital (£20m), net player payments due this season (£16m), Champions League contingency (£25m) and a net summer spend of £70m all to be subtracted from the May cash balance of £208m, the AST claim there is £42m left for January transfers.