Ever since moving from a stadium holding 38,000 to one with a 60,000 capacity and three times as many executive boxes, Arsenal have been able to run the club on a self-financing basis, with revenue approaching £3.5 million every matchday for up to 30 home games a season.

A lower wage limit than their direct competitors and a recent lack of trophies has meant selling players but that has usually resulted in solid profits; £36.6m in the last accounts.

This leaves them in good shape to meet Uefa's Financial Fair Play rules while Chelsea and Manchester City must drastically reduce losses of £68m and £195m respectively.

Arsenal's chief executive, Ivan Gazidis, told fcbusiness magazine: "The environment we are in has been somewhat irrational in terms of player spending but is becoming more rational as the game wakes up and demands regulation.