Arsenal AGM: Ivan Gazidis denies club is "hoarding cash" as Wenger admits reinforcements needed

Joe Hall
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Arsenal chief executive Ivan Gazidis (Source: Getty)

Arsenal's head honchos faced a grilling at the club's annual general meeting today, as inquisitive minority shareholders questioned a £3m payment made to majority owner Stan Kroenke's KSE company.

Manager Arsene Wenger, chairman Sir Chips Keswick, chief executive Ivan Gazidis and Kroenke himself attempted to convince minority shareholders (the vast majority of whom are fans) present that the club was on the right path.

Gazidis denied rumours that the club was "hoarding a large cash balance" which could be spent on transfers.

Last month, the club reported big annual turnover of £301.9m, and appeared to be in strong financial health. However, Gazidis refuted the suggestion the club could be spending more on player transfers, describing such suggestions as arising from "inaccurate and superficial analysis".

Earlier Wenger had admitted he "could have bought one more player" in the summer, and insisted he would try to rectify that situation in the next transfer window.">City AM sports editor Frank Dalleres, other journalists, bloggers and fans piled into the Emirates Stadium's plush Woolwich Suite to hear what the Arsenal bosses had to say.

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