Arsenal has announced a profit of £17.8 million for the six months to the end of November 2012

Arsenal’s pre-tax profit disclosure of £17.8 million and cash reserve of £123 million has received the ire of the Gunners’ fans as they criticised the Premier League club for not being ambitious. As it is no secret, that Arsenal FC has not been in its prime form this season, but the Emirates side has also not purchased players to change things despite the reserve money.

The profit of Arsenal can be allocated to the exit of talent from the club and also the lack of significant investment for the replacement of the same. The English club has generated revenues from the sale of players during the transfer window, which include a profit of £42.5 million, which includes the sale of Robin van Persie to Manchester United and Alex Song to Barcelona.

The Gunners already have the fourth highest wage bill of clubs in the country and the effect of the new deals handed to Wilshere, Walcott, Aaron Ramsey, Carl Jenkinson, Kieran Gibbs and Alex Oxlade-Chamberlain will not be displayed on the balance sheet until the next set of accounts later this year.

Talking about not going on a spending spree, chairperson Peter Hill-Wood said, “Our ability to compete at the top of the game here and in Europe is underpinned by our financial performance, which gives the club strength and independence. Our desire is to make everyone connected with Arsenal proud of the club.We know that comes through winning trophies but also through the way we do things and that will remain our constant guide.”

Arsenal are suffering a drought on the field as they have failed to win a trophy since eight years and their recent omission from the FA Cup has reduced their chances this year. The club will have to overturn the 3-1 deficit against Bayern Munich, if they want to win a cup.