Arsenal managing director Keith Edelman has explained why moving to a new stadium will actually increase Arsène Wenger's transfer kitty.

To the layman, taking on £260 million worth of loans to fund a new home seems bound to affect the manager's spending power. But it is not quite that simple.

"Arsène has done an outstanding job and especially as he's done it by spending a lot less money than other managers," the managing director told

"That's because at Highbury, we didn't generate significant revenue for him to spend more money. The big advantage of the new stadium is that we will have a bigger budget.

"There are some revenue sources before 2006 which will enable us to spend more money on the transfer budget - receipts of land sales and some money from Granada Media.

"We can invest that money in the purchase of new players then the extra revenue from the new stadium can not only repay the debt but also give increased revenues to the Club.

"We do spend a lot of money already on a high wage bill but we've never had the big transfers of some other clubs before. Now we will have both of those together."

The first indication of this change came last month when Arsenal signed José Antonio Reyes in a deal that, depending on certain criteria being fulfilled, will be a club record.

"We weren't generating much cash to invest in new players before. The money for Reyes has actually come out of the financing structure that we put in place to take us from here to the new stadium opening."

That event is planned for the start of the 2006-07 season and, soon after its inauguration, Mr Edelman believes Arsenal will be able to match their great domestic rivals over the past few years.

"We will be in a very similar situation to Manchester United in a few years' time," he said. "That's very encouraging.

"We did take a calculated gamble in going as far as we had to go," he went on. "There was debt on the balance sheet at the end of last year. But we had to spend money to get where we are today.

"Although the debt now rises quite substantially over the next couple of years, I think we're in much calmer waters now."

Copyright 2017 The Arsenal Football Club plc. Permission to use quotations from this article is granted subject to appropriate credit being given to as the source
24 Feb 2004