Arsenal fans have called on the club to invest more in the squad.

The Arsenal Supporters' Trust, which has consistently called for more investment in the playing squad, said it believed the 2012-13 results would represent "the last year of Arsenal selling its best players to achieve profitability as the substantial increases in revenue from both renewed TV contracts and commercial deals come on stream".

"We are encouraged that since the season ended much progress has been made by Arsenal to remove the non-performing players from the wage bill. This pruning has allowed scope for more concentrated wage spend," said an AST spokesman.

"Looking forward, Arsenal are in a healthy financial position, with substantial cash reserves. The AST continues to urge the club to invest the money it has to further strengthen the current first-team squad and improve the chances of winning silverware. Substantial funds are available for additional transfer and wage spend without affecting self-sustainability."