Arsenal in "excellent" financial shape with £173.3m in the bank

Arsenal chief executive Ivan Gazidis says that the club are in "excellent" financial shape after announcing cash reserves of £173.3m.

Arsenal have announced that they have £173.3m in the bank after releasing figures for the financial year ending May 31, 2014.

The North London outfit made a pre-tax profit of £4.7m, as well as a total turnover of £301.9m, which is up from 280.4m last year.

Wage costs have risen from £154.5m to £166.4m, while a reduced profit of £6.9m was made from selling players compared to last year's £47m profit.

Chief executive Ivan Gazidis told the club's official website: "The club is in excellent shape, both on and off the pitch. We are proud of our 11th FA Cup success and the reward this represents to our fans in the Arsenal community around the world.

"There is always more to do and, whether investing in the team or in training facilities which will provide long-term benefit to the club, our guiding principles are the same and our focus is clear, on delivering more on field success.

"This remains the shared ambition of our majority shareholder, Stan Kroenke, the board and everyone connected with the club. We are well placed to deliver against those ambitions."

The figures do not include the money spent during Arsenal's transfer activity in the summer window.

Arsenal's French Manager Arsene Wenger gestures from the touchline during the English Premier League football match between Arsenal and Manchester City at the Emirates Stadium in London on March 29, 2014
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