Arsenal chief executive Ivan Gazidis is expected to detail the club's transfer policy at today's AGM.

The Times says Arsenal made a £28 million profit on transfers in the summer, the third time in the past five years that manager Arsene Wenger has generated a surplus.

Gazidis, the chief executive, will be asked to explain the reasons for the low level of spending on players, compared with other top clubs, and why the board rejected a proposal to raise fresh transfer funding through a rights issue in July.

Arsenal's financial results appear impressive, but they merely disguise that the club have received most of the commercial income early in deals, so the money is not available for the club to spend now. It puts pressure on Gazidis, who has revamped many departments, including the commercial team.