Sir Chips bigs up spending, warns over cash reserves

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Sir Chips Keswick has been keen to play up Arsenal’s spending as the club’s financial results were released, but also to clear up any misunderstandings about the strength of the club’s cash reserves.

Pointing out the 2016 acquisitions of Mohamed Elneny, Granit Xhaka, Lucas Perez, Shkodran Mustafi, Rob Holding, Takuma Asano and Kelechi Nwakali, he said the club made sure not to overspend, leaving them room to make further signings should they so desire.

In the full statement released by the club today, he said, “Our cash reserves at the end of the year stood at £226.5 million and this figure will doubtless attract the usual speculation from fans and commentators.

“That being the case, it is my duty to point out that after excluding debt service reserves and amounts owed to other clubs on past transfers the balance reduces to £149 million.

“This figure is in itself inflated, due to the seasonality of our cash flows, by advance sponsorship and season ticket receipts for the new season.

“Against the underlying balance of available funds we have, as mentioned above, invested strongly in player acquisitions during the summer at a total transfer in cost of more than £90 million with additional significant commitments to player wages, agent’s fees and performance related contingencies on top of that.”

He continued by insisting this would remain the club’s approach in the future.

“Whilst we have spent strongly we have not over stretched,” he said. “It would have been bad business practice not to have retained some small degree of flexibility to allow us to invest again in the right player and / or to maintain the current squad as and where we want to offer improved and extended contracts for key players.

“We make our investments on a prudent and reasoned basis which is something the Club does well and which is even more important in a competitively inflated marketplace.

“This approach has served us well and it will continue.”

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Johnny
Johnny
3 years ago

Oh yes, and don’t forget – it’s all real dosh, no sugar daddy here 😉

Fletcher
Fletcher
3 years ago

That’s sound like good business practice, we have brought massively this summer, and we have to remember that we didn’t sell significantly which means in the upcoming windows our balance sheet will even itself automatically by the convention of selling players too should the need arise in the process of sell and replace.

I think we reaping the fruits of good business practice over the years.

Very optimistic about the future.

GFSammy
GFSammy
3 years ago
Reply to  Fletcher

All well and good until you recall Arsène mentioned 600 employees.
I’m ready to forgive based on Lucas and Shkodran signings

Anteneh
Anteneh
3 years ago

Just spend big one a big name striker for once and i will shut up.

Andy Mack
Andy Mack
3 years ago
Reply to  Anteneh

Why? Who (that’s available)?
Do you think relying on just one ‘big name’ strike is a better option than having a number of players scoring?

Burn Baby Burn
Burn Baby Burn
3 years ago
Reply to  Andy Mack

Not to mention that, this being Arsenal, the big-name-all-eggs-in-one-basket-striker would surely have a long term injury shortly after joining

Too Drunk To Be Offside
Too Drunk To Be Offside
3 years ago
Reply to  Andy Mack

To be fair world class strikers are rarely if ever just ‘available’. To get those players often the buying club has to dangle a big enough carrot (transfer fee) to get the club to bite (sell). As for who we could buy, Lukaku would be a good option don’t you think. Ready to take the step up to being world class. Of course there are red herrings too, that r built up as World class for no reason, like Cavani. That guy couldn’t hit the proverbial barn door, even if his life was depending on it. Spending 60 mil on… Read more »

OD
OD
3 years ago

Cavani is still a quality striker despite what people say and his recent misses.

I’m quite certain if he was in our team he would be among the leading scorers in the league.

Godfrey Twatschloch
Godfrey Twatschloch
3 years ago

Don’t underestimate Cavani. While no Ibrahimovic I’ve seen him do damage against teams enough times to know he’s no mug. Not least Chelsea a few years ago when a ten man PSG sent them packing from the CL due to his efforts. He had a shit game against us, that’s all.

igbo Amadi-Obi
igbo Amadi-Obi
3 years ago
Reply to  Andy Mack

We had a big name striker when we were bossing things, mark you.

Trixie Bird
Trixie Bird
3 years ago
Reply to  igbo Amadi-Obi

Alan Smith?

Little Mozart
Little Mozart
3 years ago
Reply to  Anteneh

Wenger spent large on Alexis Sánchez and has now turned him into our main striker. That covers your complaint nicely.

SizC
SizC
3 years ago
Reply to  Anteneh

“….and I will shut up”

Let’s be honest, no you won’t! You’ll just find something else to complain about.

I think Wenger’s achivements will truly be acknowledged if (I hope not) we are faced with the curse of United and Chelsea.

A Different George
A Different George
3 years ago

Am I the only one who thinks the name Sir Chips Keswick was invented by Monty Python?

CB
CB
3 years ago

It was invented by the Arsenal Gentleman.

crispen
crispen
3 years ago

Keep on Keeping on Arsenal

Dale Cooper
Dale Cooper
3 years ago

Tried to explain this in the summer and got shit for it. Funny how I haven’t read all those usernames of people talking so negatively about the club on here recently, hopefully it lasts awhile longer.

thw14
thw14
3 years ago
Reply to  Dale Cooper

The club deserved much of he criticism it got during the summer, especially since it had failed to invest last summer. Just like it deserves a lot of praise for finally making the deals and for recent performances. If both optimistic and pessimistic fans can stop playing this childish “I told you so game”, we’d all be better off.

Anonymarse
Anonymarse
3 years ago
Reply to  thw14

Most people were pissed off because it looked like we weren’t going to spend, but we did in the end and we did it rather well.

Also we rejigged the attack which has probably had a much bigger impact than the signings so far.

Unnecessarilystupid
Unnecessarilystupid
3 years ago
Reply to  Anonymarse

Bigger than that is the emergence of Iwobi.

thw14
thw14
3 years ago
Reply to  Dale Cooper

The club deserved much of he criticism it got during the summer, especially since it had failed to invest last summer. Just like it deserves a lot of praise for finally making the deals and for recent performances.

If both optimistic and pessimistic fans can stop playing this childish “I told you so” game, we’d all be better off.

RosickyUBeauty
RosickyUBeauty
3 years ago
Reply to  Dale Cooper

I’m guilty of being negative before the start of the season, wanted Arsenal to sign a world class striker and CB no matter what the price and for the first time wanted Arsene to leave for failing to win the title last season.
Frustated by the same results which mostly pointed to same manager.
But when Arsenal play like the way they played against Basel it makes me say god I don’t want anything more.

Frank Bascombe
Frank Bascombe
3 years ago
Reply to  Dale Cooper

Nice one Dale Cooper.

Bigfathairytwat
Bigfathairytwat
3 years ago

In the voice of Roy Walker…..What’s Mr Chips doing? It’s good but it’s not right.

Third Plebeian
Third Plebeian
3 years ago

I don’t see the problem. I guess there are those who would prefer we adopt a different approach, namely spending beyond our means, but that’s insanely dangerous. The only alternative here is that the club sells out to a sugar daddy. Honestly, I don’t know that we’d care if we did. Would you?

Paul
Paul
3 years ago
Reply to  Third Plebeian

I would.

igbo Amadi-Obi
igbo Amadi-Obi
3 years ago
Reply to  Third Plebeian

We already have a sugar daddy. But sadly, he’s the type that takes, and not the type that gives. He has no passion for the game. Just an investor in a football club.

AusGunner
AusGunner
3 years ago
Reply to  igbo Amadi-Obi

You’re playing fast and loose with the whole ‘sugar daddy’ concept there

clins
clins
3 years ago

you know what ….wenger deserves a statue for taking us from debt to this 200 million reserves alone

Senator Clay Davis
Senator Clay Davis
3 years ago
Reply to  clins

Yep cos that’s the measure of success for a football team.

Anonymarse
Anonymarse
3 years ago

Shiiiiiiiiid

Jdg
Jdg
3 years ago

Pretty happy with the state of the squad even if it happened a tad late. No complaints.

Paul
Paul
3 years ago

What do you rekon Fats? 🙂

Unnecessarilystupid
Unnecessarilystupid
3 years ago
Reply to  Paul

It’s oh so quiet.

Chris O.
Chris O.
3 years ago

Stop with the strikers wishing. There’s a shortage of top strikers in the world. We’re just at a low point in that regard. 15 years ago it was the opposite. Wishing for it won’t change it.

The good news is it’s a team sport and our team hasn’t been this strong for years. We can win with the boys we have.

badaab
badaab
3 years ago

As the tacrical side of the sport changes, position players – especially those towards the attacking side of a team- will gradually become less specialized, and players are more likely to be utilized in a variety of roles, so wishing for a “big name striker” is a little silly considering those players just aren’t available any more as the new breed of attacker is not just a number 9 post player- he would be someone who could play on the wing, in the number 10 role behind, or as a number 11 off the front man. look at the big… Read more »

santori
santori
3 years ago

Funny how so few pay attention when there is an article that sheds a bit more levity to our financial strength and limits. People have their own fixed narrative and prefer not to be confronted with the truth. As Sir Chips says, we do have a lot of money but clearly not as much money as people like to think. Commercial revenues are rising but we are not on the level of United yet. Nor have we spent anywhere as much as City or Chelsea although we are now catching up. 90m this summer is nothing to sniff at. More… Read more »

Anonymarse
Anonymarse
3 years ago
Reply to  santori

Wenger has been smashing it out of the park recently, repeatedly

Mississippi Gunner
Mississippi Gunner
3 years ago

“Sir Chips.” That’s some English shit. Speaking of English shit, I just realized y’all put subtle r’s at the end of words that end with an A. Like, “Xhak-er” or “Barcelon-er.” meanwhile “wanker” is “wanka.” Y’all are funny

Trixie Bird
Trixie Bird
3 years ago

Oh you mean, we speak English correctly?

Mississippi Gunner
Mississippi Gunner
3 years ago
Reply to  Trixie Bird

No, considering there’s no correct dialect for speaking a language. But I think Brits have better words/expressions than we do here in the states–like “taking the piss” or “fortnight,” for example–if that makes you happy.

santori
santori
3 years ago

The critical difference at the moment is we are in a different phase of spending. 1) We have in last season seen debt reduced significantly on the stadium. At the same time, we have renegotiated a number of sponsorships plus TV money is kicking back in. 2) We have also maintained our MINIMUM positions in Europe which helps attract better quality players without resorting to over paying and we have the money from the CL competition as always but not to be taken for granted. 3) Critically, we are no longer rebuilding the club. This phase embarked upon around 2012… Read more »

Bob's Mexican Cousin
Bob's Mexican Cousin
3 years ago

Yawn

suker4punishment
suker4punishment
3 years ago

Whenever I hear his name, id like some gravy with that and a nice pie and some peas, he makes me hungry that man!

AusGunner
AusGunner
3 years ago

I wish my name was Sir Chips 🙁

Bennacer and the Jets
Bennacer and the Jets
3 years ago

I wish all businesses were are open about their reserves and spending as arsenal.

Espen
Espen
3 years ago

Off topic but hell please give Santi a contract extension!!!! Maybe these cash reserves can be put to good use to extend contracts for Santi, Ozil and Sanchez.