Ars?¿ne Wenger will have only ?ú55 million with which to reconstruct his Arsenal squad in the close season, and much less if they fail to qualify for the next Champions League campaign.
That is the message from ArsenalÔÇÖs small shareholders, who shed light on the financial constraints Wenger must operate under as he strains to guide his team into the top four.
The north London club declared in their accounts last November that their cash reserves stood at ?ú160 million. Although this might suggest they are thriving, much of those funds were spoken for before the season.
A detailed breakdown by the Arsenal SupportersÔÇÖ Trust (AST) ahead of the football clubÔÇÖs release of interim accounts later this week reveals that about two-thirds of what the club holds at the bank is to meet unavoidable costs.
Prepaid season-ticket money accounts for ?ú65 million but disappears over the course of the season as Arsenal service their ?ú125 million-plus player-wage bill.
Tax demands drain another ?ú13 million. A further ?ú36 million is ring-fenced to repay future debts on the Emirates Stadium and to pay operating costs on ongoing property developments near the ground.
The departures of Cesc F?íbregas, Ga?½l Clichy, Samir Nasri and others produced net summer transfer income of about ?ú4 million after Mikel Arteta, Gervinho and Alex Oxlade-Chamberlain were brought in.
The ?ú55 million Wenger has available must cover the fees for any new signings as well as their wages. More revenues might flow if players can be moved on.
But as Wenger found last summer in his abortive attempts to find buyers for players such as Denilson, Nicklas Bendtner and Abou Diaby, the lavish salaries earned by Arsenal squad players makes underachievers difficult to move on.
There is also the pressing concern ÔÇô reinforced by SundayÔÇÖs north London derby which starts with Tottenham 10 points clear of their rivals ÔÇô that Arsenal might not qualify for next seasonÔÇÖs Champions League. That, the AST estimates, would cost Arsenal about ?ú45 million in prize money and match-day and media income.
Few other leading managers would operate under such constraints, but they arise as a result of WengerÔÇÖs decision to pay his fringe players wages commensurate to those of Gareth Bale or Luka Modric.
ÔÇ£The wage bill of ?ú130 million is sizeable and in the view of the AST there is clear inefficiency in wage spend evidenced by poor performances on the pitch and the number of players the club have either on loan (ie canÔÇÖt be sold) or deemed not good enough to play in the first team,ÔÇØ the AST commented.
The precariousness of ArsenalÔÇÖs self-sustaining model was displayed at an AST meeting last night. Several fans who own executive seats threatened to withhold their season-ticket renewals until the club ÔÇ£shows some ambitionÔÇØ.
If such disgruntled voices become more widespread and begin to vote with their feet, ArsenalÔÇÖs ability to meet their financial obligations will be under greater threat.
Simon Hill, the ASTÔÇÖs financial analyst, said: ÔÇ£The great irony of Financial Fair Play is Arsenal run the club as break-even and fail to qualify for the Champions League and suffer a ?ú40 million to ?ú50 million drop in revenue and canÔÇÖt quickly lose players, theyÔÇÖll be the first club to fail to meet FFP.ÔÇØ