Arsenal chairman Sir Chips Keswick has said the club must "spend effectively" as they battle the challenge of inflated transfer fees, wages and agent payments to compete at the top level.
Talking after the club's latest financial results were announced, Keswick also conceded this season has not been easy on the pitch.
The figures, up to November 30, 2017, show that Arsenal Holdings plc now has cash reserves of £137.6million - up £37.1million on their 2016 results.
Although football turnover decreased £23.4million, this was attributed to Arsenal falling out of the Champions League and are instead competing in the less lucrative Europa League this season.