Arsenal boss Arsene Wenger will not see any extra transfer cash from the club's property deals this summer.
The Telegraph says Arsenal's general transfer policy has been to invest heavily in the player contracts of the existing squad but pay relatively less on transfer fees.
This policy will be further supported by a new £25 million property deal with Barratt Homes to build 700 flats on the Queensland Road site opposite the Emirates.
This money will eventually be available to Wenger for players and contract renegotiations, but will be staggered over several years, so there will no immediate increase to the current budget of around £40 million.
