Arsenal chief Ivan Gazidis says the club's announcement of bumper profits means there is cash available to manager Arsene Wenger for the summer market.

Announcing yesterday their half-year financial results to November 30, 2009, Arsenal revealed that their net debt had been cut from £332.8 million to £203.6 million.

"We have money available to invest in the transfer market when we can identify the right players," Gazidis said. "So we're in a healthy position.

"We've actually been investing quite significantly in the existing playing squad. We've signed 17 players to new long-term contracts since the end of last season. While that goes under the radar screen, it's a very significant investment. We have the youngest squad in the Premier League and tying down those players to long-term contracts ensures the stability and security of our playing squad going forward."