By Alex Taylor

Arsenal director Sir Chips Keswick has revealed the club have £149million to spend on new players as he explained their healthy financial figures.

The Gunners’ end of year results for the year ending June 2016 show the north London outfit had £226.5million in the bank, more than Barcelona, Real Madrid and Bayern Munich combined.

Sir Chips explained that the figure does not present an accurate picture of the club’s financial situation as it does not include Arsenal’s transfer expenditure this summer, interest payments on the club’s debt or outstanding previous transfer payments.

“It is my duty to point out that after excluding debt service reserves and amounts owed to other clubs on past transfers the balance reduces to £149million,” Keswick said, as reported by The Sun.

“This figure is in itself inflated, due to the seasonality of our cash flows, by advance sponsorship and season ticket receipts for the new season.

“Against the underlying balance of available funds we have, as mentioned above, invested strongly in player acquisitions during the summer at a total transfer in cost of more than £90m with additional significant commitments to player wages, agent’s fees and performance related contingencies on top of that.”

Arsene Wenger’s side spent heavily this summer bringing in Granit Shaka (£38million), Shkodran Mustafi (£35million), Lucas Perez (£17million), Takuma Asano (£3.4million) and Rob Holding (£2.5million).

Arsenal have been criticised for a lack of investment in recent times under their French manager.

Fears have been put to bed in the last few years though after the club has completed several major captures in the transfer market, including attracting Mesut Ozil and Alexis Sanchez from Real Madrid and Barcelona respectively.

Wenger’s side currently sit third in the Premier League after picking up 16 points from their first seven matches this term.

Arsenal welcome Swansea to the Emirates in two weeks times before facing Ludogorets in the Champions League.

In other Arsenal news, Alex Iwobi has revealed that his uncle and former Bolton midfielder Jay-Jay Okocha is helping with his development off the pitch.