REVEALED: Arsene Wenger has £30m to spend in January as Arsenal accounts reveal club has £100m in cash 

• Arsene Wenger spent £78million over the summer on the likes of Alexis Sanchez and Danny Welbeck
• Arsenal boss could have spent £60m more this summer
• Gunners brought in five players but did not purchase a holding midfielder
• Wenger could use the excess money in January or next summer  

Arsenal’s financial results for the 2013-14 season, published on Friday afternoon, reveal record levels of ‘free’ cash sitting in the club’s bank account, £173.3m at the end of May, much of which should theoretically have been available - and be available - for Arsene Wenger as a transfer kitty.

The Gunners spent around £78m over the summer on players including Alexis Sanchez and Danny Welbeck although the net spend was only around £46m.

Even allowing for a ‘rainy day’ stockpile that the club’s chief executive Ivan Gazidis, likes to keep in reserve, and even allowing for the fact that some of the cash will be spent on an increased wage bill for summer signings, Wenger should still theoretically have up to £100m available to him for more players - whether in January or next summer.

But Sportsmail understands that the Arsenal manager will only have £30m to spend on players in the January transfer window. 

Even the most conservative estimate of money available, allowing for a large reserve in case Arsenal fail to reach next season’s Champions League group stages, suggests Wenger had £60m more at his disposal this summer than he spent.

Club sources say that Wenger's realistic January spending would be limited to two players in the £10m to £15m price range each, with wages on top. Further spending would be sanctioned in the summer. 

Arsenal have been linked with several holding midfielders including William Carvalho and Sami Khedira, but price and wages were a sticking point during the summer transfer window.

Wenger is also thought to be interested in Real Madrid goalkeeper Iker Casillas, who has been the subject of criticism from fans at the Bernabeu.

The Frenchman, a graduate in economics who famously seeks value in the transfer market, has been notoriously reluctant to splash massive sums over the years.

Yet the revelation that there is so much money in Arsenal’s bank account, is sure to prompt renewed debate among Gunners supporters over why Wenger is not spending it.

The accounts indicate yet again what a successful club Arsenal are, financially speaking, with football club income up to £298.7m from £242.8, driven by a leap in Premier League TV money.

Operating profits are up to £62.1 from £25.2m last year. The club’s total wage bill has risen by almost £11m from £154.5m to £166.4m but remains significantly lower than that of Manchester City and Manchester United (both well in excess of £200m now) and Chelsea.

Financial analysts within the influential Arsenal Supporters’ Trust group were expecting cash reserves of around £140m so the £173.3m is a surprise - and will only increase the clamour for Wenger to spend it.

He ended the Gunners' nine-year long trophy drought by leading his team to FA Cup victory in May but Arsenal have not won the Premier League title since 2004 and last finished as high as second in 2005.

Arsenal’s chairman, Sir Chips Keswick, said: ‘Our revenues [including property income] have exceeded £300m, underpinned by TV and the significant progress made on our commercial agenda, and our improved financial position has allowed us to supplement the squad with important new signings.

'Our ambition is to put Arsenal Football Club at the pinnacle of the game here and in Europe. We all want to savour a repeat of the joys of last May.”

Gazidis, said: ‘The club is in excellent shape, both on and off the pitch. We are proud of our 11th FA Cup success and the reward this represents to our fans in the Arsenal community around the world.

'There is always more to do and, whether investing in the team or in training facilities which will provide long-term benefit to the club, our guiding principles are the same and our focus is clear, on delivering more on field success.

'This remains the shared ambition of our majority shareholder Stan Kroenke, the board and everyone connected with the club.

'We are well placed to deliver against those ambitions.’