Arsene Wenger has been told by the Arsenal board he can make full use of the estimated £90 (€103) million transfer kitty at his disposal in the final week of the transfer window, Goal.comcan reveal.The Arsenal manager will be allowed to spend all of the proceeds of the sales of Cesc Fabregas and Samir Nasri in addition to the money that was already available to him.The Gunners began the summer with a transfer budget of around €51.5m, which has been enhanced by the sales of Fabregas, Emmanuel Eboue, Gael Clichy and Jay Emmanuel-Thomas and the impending €26.3m departure of Samir Nasri to Manchester City.
Arsene Wenger has been told by the Arsenal board he can make full use of the estimated £90 (€103)
The Frenchman is on the verge of signing for City after Arsenal agreed terms with their Premier League rivals earlier today.
With just eight days of the window left, Wenger has signed only three players – Gervinho from Lille and teenagers Alex Oxlade-Chamberlain and Carl Jenkinson for a combined outlay of around €28m.
When Nasri’s transfer to City is completed, boardroom sources have told Goal.com that Arsenal will be one of the most cash-rich clubs in Europe with a total available kitty of €103m.
One of the main financial convenants agreed to by the club when they moved to Emirates Stadium states that at least 70 per cent of player sales proceeds has to be either spent on 'squad investment' or retained in a Transfer Proceeds Account to be used solely on buying players.
Although this €103m figure is believed to include the funds for first-year wages as well as the transfer fees of incoming players, Arsenal's wage bill is €11.4m-per-year lighter so far this summer following the exits of a handful of high earners.
In addition, Arsenal expect to make around €28.6m from the sale of apartments in Queenstown Road, which stands opposite Emirates Stadium. This property income acts as a safety net should Arsenal's budget instantly be reduced if they are knocked out of the Champions League by Udinese in their play-off second leg on Wednesday night.
Premier League clubs can expect to make a minimum €28.6m from participating in the group stages of the competition.
Wenger, who has arrived in Italy to prepare his team for the Udinese game, has insisted that he will reinforce his squad over the next week, with his main priority to beef up his midfield.
The Frenchman's list of targets is headed by Lille playmaker Eden Hazard and Rennes midfield anchorman Yann M'Vila and his centre-back options include Scott Dann, Gary Cahill, Jan Vertonghen and Phil Jagielka.
"What is at stake at the moment is for us to qualify tomorrow and we can only do it with the players we have at the moment," said Wenger."They are good enough to achieve that and therefore after that we will see what we can do. We are working very hard on the transfer market.
"We brought in Chamberlain - you will see that he will be a great player. Gervinho will be a great player for this club too but we want ideally more.
"We are short in midfield at the moment and that is where we want to strengthen."
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