Arsenal boss Arsene Wenger could have £70 million to spend this summer.

The Telegraph says the potential loss of £35 million in revenue from the Champions League would clearly damage those ambitions but Arsenal are confident that they would still have the resources to compete for the best players even without that income next season.

The club's financial position will be aided next summer by the release of advance funds from the new Emirates sponsorship deal. That should take Wenger's available transfer budget to around £70 million.