Arsenal ready for flurry of transfers

London: Arsenal are ready to pay off the £133-million (Dh754.76 million) loan to redevelop Highbury and so deliver a major long-term expansion of Arsene Wenger's transfer budget.

With a limited number of the 655 private apartments still available, it means that profits from future property sales will soon go straight back into the club and be available to Wenger, who is expected to move for key players with Everton teenager Jack Rodwell firmly on his radar.

The bank debt on Highbury Square has been slashed from £123.6 million in May 2009 to around £2 million today and will be wiped out within weeks.

The apartments have cost just under £400,000 on average, meaning revenue from the remaining properties should generate around £20 million for the club, leaving an anticipated £18 million for transfers.

That money will become available when the sales are completed, spreading the windfall for Wenger beyond just this summer. It is significantly less than the £100-million profit mooted when the project was conceived at the height of the property boom, but still a far better outlook than had looked likely when the global credit crunch struck.

Indeed, at the beginning of last year the club were forced to renegotiate their initial loan until December 2010. The success in paying off the loan early also means that the club's overall debt is now below £175 million and relates almost exclusively to what is effectively a mortgage on the construction of the Emirates. The club also have permission for 350 market-priced units at Queensland Road and two other sites, leading the Arsenal Supporters' Trust to say a surplus of £45 million is possible from property over the next two years.

With the club announcing pre-tax half-yearly profits of £35.2 million in February, Wenger already had significant funds available this summer to spend on transfers.

However, the certainty now of profit from the Highbury Square development provides added security if the club want to spend more than £30 million.