Arsenal boss Arsene Wenger has £50 million to spend during the next 12 months.

The Telegraph says although the club's annual accounts show funds of £160.2million in the bank, the actual figure available to Wenger to spend on transfer fees or new player contracts is currently around £50million.

This is because the vast majority of that reserve must be used towards operating costs over the next financial year.

The club's robust financial position is likely to be further boosted next summer by around £25million from the completed property sales of the Queensland Road site and the 16 remaining Highbury Square apartments.