Arsenal chairman Sir Chips Keswick says the club must 'spend effectively'Arsenal have recorded a £25.1m profit after player sales eased the cost of missing out on the Champions League. Arsenal chairman Sir Chips Keswick conceded that "this has not been the easiest of campaigns", and said the club must "spend effectively" as they battle inflated transfer fees, wages and agent payments, despite confirming that Arsenal Holdings plc has cash reserves of £137.6m - up £37.1m on their 2016 results. Arsenal are in the Europa League after finishing fifth in the Premier League last seasonKeswick also revealed he wants to keep the club self-sufficient and says their transfer dealings illustrate a desire to challenge for the Premier League title. "Breaking our transfer record twice in one season and the player contracts we have signed shows our commitment to getting the club back competing for the Premier League," he said. "However, our strategy remains self-financing and we must accept all the challenges that brings at a time when the inflation of transfer fees, player wages and the fees demanded by agents has become super-heated.

Source: Sky sports February 28, 2018 16:27 UTC