Arsene armed with £30m Gunners transfer kitty

Arsenal manager Arsene Wenger has been promised part of a £30m (€) summer windfall to spend on new players.

Arsenal manager Arsene Wenger has been promised part of a £30m (€43) summer windfall to spend on new players.

Spending on the Gunners’ new stadium, which is set to be completed in the summer of 2006, had been expected to hamper their transfer activity.

While they made a club record purchase of Jose Reyes in January 2004, they have since spent just over £5m (€7m) on Manuel Almunia, Robin van Persie, Mathieu Flamini and Emmanuel Eboue.

However, Wenger has been assured of a sizeable transfer kitty to strengthen his squad from investors and media partners Granada, with the Frenchman having promised only last weekend to look for “star” signings.

The new share deal with Granada, which was triggered by 12 months elapsing since the agreement of planning permission and financing for the new stadium, has ensured the extra cash investment.

Managing director Keith Edelman told the club’s website, www.arsenal.com : “This share issue completes the agreement made in October 2000 between Arsenal and Granada.

“The proceeds will assist Arsenal in the achievement of our corporate objectives, including investment in the development of our playing squad.”