Arsenal chairman Sir Chips Keswick has pledged the club will spend big this summer in order to challenge for the Premier League next season.
The Gunners broke their transfer record in the previous two transfer windows with the signings of Alexandre Lacazette (£52m) and Pierre-Emerick Aubemaeyang (£55m).
However, among them include the departures of Alex Oxlade-Chamberlain, Kieran Gibbs, Gabriel Paulista, Wojciech Szczesny, Olivier Giroud, Theo Walcott and Francis Coquelin which helped to bring in more than £110m.
The latest figures show cash reserves have risen to £137.6m, from £100.5m in the corresponding period for 2016, but turnover dropped by £23.4m to £167.7m as a result of the team dropping into the Europa League.
“Breaking our transfer record twice in one season and the player contracts we have signed shows our commitment to getting the club back competing for the Premier League,” said the Gunners chairman (via Express).
“However, our strategy remains self-financing and we must accept all the challenges that brings at a time when the inflation of transfer fees, player wages and the fees demanded by agents has become super-heated.
“We need to spend effectively and be the best we can across the whole of our football operations if we are to compete at the level our ambitions for the club demand.”