Arsenal chairman Peter Hill-Wood says their bumper financial profits will be made available to manager Arsene Wenger for squad strengthening.

He said: "We remain firmly committed to sustained investment in the development of the playing squad in a market place where the income from the new Premier League TV contracts has inevitably created a significant upward pressure on both transfer prices and players' wage expectations.

"During the year we have improved and extended the contract terms of a large number of first team players and, of course, of Arsene Wenger himself.

"As a result, for the first time, the Group's wage bill has exceeded nine figures at £101.3 million."