Arsenal confirms they £123m to spend, fans are outraged!

santi-carzolaArsenal chairman Peter Hill-Wood has attempted to head off a backlash from fans after new figures confirmed that the club have a cash pot of £123.3million.

Hill-Wood insisted the club’s board are aware of the need to win trophies despite the latest accounts showing large interim profits based on the sale of their best players.

He warned shareholders that the ‘self-sustaining’ model was here to stay as the Gunners recorded pre-tax profits of nearly £17.8m for the six months to November, yet claimed the club remained ambitious on the pitch.

‘Our desire is to make everyone connected with Arsenal proud of the club,’ he said. ‘We know that comes through winning trophies but also through the way we do things and that will remain our constant guide.
‘While we have our sights set on a 16th straight season in the Champions League, our ambition is to win trophies. Nobody is more focused on that than our manager Arsene Wenger, majority shareholder Stan Kroenke and the board. It is what we work towards every day.
‘Let me be quite clear that our intention is to keep our best players and recruit new talent to make us stronger.’
The latest figures include the sales of Robin van Persie to Manchester United for £24m and Alex Song to Barcelona for £15m. Figures for 2011 showed pre-tax profits of £49.5m, which included the sales of Cesc Fabregas, Samir Nasri and Gael Clichy.
Arsenal’s property portfolio is performing well, and as well as the massive cash reserves, there is a new Emirates partnership worth up to £150m over the next five years and an improved TV deal about to kick in this year.
They also charge among the highest ticket prices in the country but have not won a trophy for eight years.
Fans are fed up with seeing the owners and well-paid executives bank the proceeds of their loyalty. They also question the board’s ability to supply the necessary expertise to improve Wenger’s team, even if the money is available.

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