Newspaper article The Journal (Newcastle, England)

Gunners' War Chest Is a Myth, Insists Club Chief

Newspaper article The Journal (Newcastle, England)

Gunners' War Chest Is a Myth, Insists Club Chief

Article excerpt

Byline: Jim van Wijk

Arsene Wenger." intends to strengthen his defence in January - but Arsenal are not sitting on huge cash reserves, according to chief executive Ivan Gazidis. Gunners boss Wenger used his address at yesterday's Annual General Meeting at the Emirates Stadium to reiterate his belief in the squad's ability to build on their FA Cup success of last season, which ended a nine-year wait for silverware.

Wenger also accepted Arsenal need to bring in more cover, specifi-cally at the back, given a growing injury crisis which has seen France defender Laurent Koscielny suffer from an inflamed Achilles tendon on which there is no specific time frame for recovery.

The Gunners boss, who spent some PS30million on Chile forward Alexis Sanchez after the World Cup and also brought in England forward Danny Welbeck from Manchester United on deadline day, said: "I believe we have done remarkably well in the transfer market.

"I agree we could have bought one more player, (but) we did not find. We will try to rectify that, because we are a bit short with the injuries we have (defensively), and overall I think we will rectify that in the transfer market in January."

Much has been made of Arsenal's supposed war chest, with latest published figures of the parent holding company revealing more than PS200m in cash reserves.

Chief executive Gazidis, however, used yesterday's shareholders forum to dispel any hysteria around Arsenal just not being willing to spend.

He said: "There is quite a lot of inaccurate and superficial analysis about the cash that we have available for investment in the squad. That leads to stories we are hoarding a vast cash balance and that is simply not the case.

"There are obvious reasons why we don't broadcast to the world what our player spending position is, but the position is much more complex than is broadly understood. …

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