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Chairman Peter Hill-Wood said: “We are proud of Arsenal’s record and consistency over many seasons and have the foundations in place, at every level of the club, to ensure we remain a force in the seasons ahead.”
“It’s important to acknowledge that the most important thing for this football club, the most important thing for our fans, and the most important thing for the board and the people that work at the club is how we do on the pitch.
We have a healthy cash balance of £115million for the half year.
“But it’s important to understand that not all that money’s available to invest in transfers.
“We have running costs of the club, player salaries and so on, so that amount goes down during the year.
“We also have to keep something in reserve in case things don’t go our way.
“There is money available, we don’t talk about an exact figure – and there’s a very good reason why we don’t put an exact figure on that – because it would impact on our negotiating position.
“We have to invest efficiently, we have to invest sensibly.”
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