Arsenal chief: Wenger has £70M to spend

Arsenal boss Arsene Wenger has a massive £70 million warchest available to him after today's record financial figures were announced.

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Figures unveiled on Monday morning show the Gunners' move to the Emirates Stadium has driven a near 50% increase in turnover to more than £200million for the year ending May 31, 2007.

That sum means they are only edged into second place in the continent's money league by Real Madrid.

But with operating profit of £51.2million, up an amazing 274%, the Barclays Premier League club now have a level of profitability far in excess of Real.

And after reiterating that Wenger did not spend all his budget this summer, delighted managing director Keith Edelman claimed the Frenchman would now have previously unheard of sums available to reinforce his squad.

"I think we are in a very good position," Edelman said.

"Clearly Arsene's performance and the team's performance on the pitch has been outstanding, obviously backed up by our very strong financial position.

"We gave Arsene a budget in the summer and he didn't even spend all of it on transfers and hopefully we'll be able to carry that forward into future years."

He added: "We have got plenty of financial firepower to makes the transfers Arsene wants to make.

"We had over £70million of cash at the end of the year and if Arsene wants to spend that money we will make it available."

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