Arsenal's cash reserves soar

LONDON (Reuters) - Arsenal risked further criticism from supporters after accounts released on Friday showed cash reserves having shot up to 193 million pounds ($300.48 million) in May while only one new senior player was signed in the recent transfer window.

(Reuters)

That figure is an increase of 20 million pounds but since then goalkeeper Petr Cech has been the only new arrival at the club.

Turnover was up to 344.5 million pounds and profit increased from 4.7 million a year ago to 27.4 million pounds.

Wages rose to 192 million pounds.

"We know the Premier League will be more competitive than ever this season as clubs invest more money in top players from around the world," said chief executive officer Ivan Gazidis.

"The promise of the increased value of Premier League broadcasting revenues from 2016-17 may already be having an impact.

"Everyone at the club is determined to build on the FA Cup successes of the past two seasons."

($1 = 0.6423 pounds)

(Reporting by Steve Tongue; editing by Toby Davis)