Wenger snubs £50m transfer fund

Arsenal chief executive Ivan Gazidis admitted yesterday that Wenger has money to spend after the club announced record annual profits of £35.2million.

The £35.2million does not include the £36 they got from the sale of Kolo Toure and Emmanuel Adebayor to Manchester City.

Wenger said: “Listen, there is money to spend but at the moment I am very happy with the squad I have.

“It’s not because I’m against spending money, I have nothing against spending money. But I do not spend money because out of tomorrow’s squad is Nasri, Walcott, Bendtner.

“And yet people want me to buy strikers, but where do I put them? I don’t know. I have to then lose players, who, for me, are world class.

“If by December we need to buy someone to add to the squad I will do it. Success on the pitch is the most important by far, but success on the pitch cannot be maintained if you are in financial trouble.

“It is true there is money and people reproach me for not losing money. It is not a personal thing, it is just that I have a squad that is strong enough to compete.

“Look at the two last players we bought – Arshavin and Vermaelen. We have spent money. When we bought Vermaelen was he a big name? Certainly not because nobody knew him.

“When I look back at everywhere I worked, when I left the club there was money in the bank.

“But when I see other clubs in the situation they are today I still think it is in some ways not responsible to think you walk away and the club is in deep financial trouble and there’s no future.”