Arsenal have announced their latest set of financial results, with confirmation that the club was sitting on a cash reserve of 173.3 million pounds likely to spark debate among supporters.
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Gunners boss Arsene Wenger invested heavily in the transfer market in the last transfer window: Barcelona forward Alexis Sanchez was recruited for 35 million pounds, defender Calum Chambers signed in a 16 million-pound deal from Southampton, Mathieu Debuchy arrived from Newcastle for 12 million pounds and Danny Welbeck joined on deadline day from Manchester United for 16 million pounds.
Yet the news that Wenger still had a potentially huge transfer budget to work with could lead some supporters to question why he failed to strengthen his defensive reserves, which are now being tested to the full as injury problems afflict Debuchy, Chambers and Kieran Gibbs.
Wenger admitted that the sale of Thomas Vermaelen to Barcelona limited Arsenal's defensive options, but he failed in his move to bring Greek centre-back Kostas Manolas to the club and was forced to play teenage debutant Hector Bellerin in the Champions League clash against Borussia Dortmund on Tuesday.
What cannot be in doubt from the latest financial statement is Arsenal's robust financial health, with the income flowing from matchdays at Emirates Stadium and hugely lucrative new sponsorship deals adding to figures that confirm the Gunners are one of the most profitable clubs in the game.
Arsenal chief executive Ivan Gazidis told the club's official website: "The club is in excellent shape, both on and off the pitch.
"There is always more to do and, whether investing in the team or in training facilities which will provide long-term benefit to the club, our guiding principles are the same and our focus is clear, on delivering more on-field success.
"This remains the shared ambition of our majority shareholder, Stan Kroenke, the board and everyone connected with the club. We are well placed to deliver against those ambitions."
Key figures from Arsenal's 2013-14 financial results:
- Group profit before tax was 4.7 million [2013 - 6.7 million].
- The group's total turnover amounted to 301.9 million [2013 - 280.4 million].
- Turnover from football increased to 298.7 million [2013 - 242.8 million] driven mainly by Premier League broadcasting, the FA Cup run and commercial activity including a full year of the Club's extended partnership with Emirates.
- Taking account of increased costs, principally wage costs, operating profits [before depreciation and player trading] from football increased to 62.1 million [2013 - 25.2 million].
- Wage costs of 166.4 million [2013 - 154.5 million] represented 55.7% of football revenue [2013 - 63.6%].
- Profit on sale of player registrations was reduced to 6.9 million [2013 - 47.0 million].
- Low key year for property business with revenues of 3.2 million [2013 - 37.5 million including sale of the market housing site at Queensland Road] and operating profit of 0.4 million [2013 - 4.4 million].
- The Group has no short-term debt and continues to be in a robust financial position with cash balances, excluding those amounts designated as debt service reserves, of 173.3 million [2013 - 119.6 million].