Arsenal chief Ivan Gazidis says the record deal for Mesut Ozil proves their ambition.

Yesterday, Arsenal announced pre-tax profits of £6.7m for the 12 months ending May 31 and the drop from the previous year's figure of £36.6m is chiefly explained by a fall in income from player sales (£18m less) and an eight per cent increase in wages to £155m. The latest figure does not include Arsenal's £42.4m deal for Ozil - which smashed the club's previous record nearly three times over - and the strength of their position is underlined by cash reserves of £154m.

"The signing of Ozil for a club record fee is a significant step for us," Gazidis said. "It was a direct result of all the hard work we have put in over recent years to build the commercial capability of the club to deliver the consistent revenues and financial strength required to compete for the world's best players."