By Editor Wayne Veysey

Arsenal spent £39.4million on transfers in the second half of last year, according to figures released on Friday by the club.

The London giants only bought one player last summer – Petr Cech for £11million from Chelsea – but forked out nearly £40million on payments relating to transfer fees.

Arsenal’s growing spend on players was revealed in their financial results for the six months ending November 2015.

The club have cash reserves of £159.4million, although this includes debt service reserves of £23.5million, which are not available for football purposes.

Chairman Sir Chips Keswick revealed in his report on the half year results that the transfer payments were for the settlement of instalments on past deals, which are likely to have included the likes of the Alexis Sanchez and Mesut Ozil transfers.

said: “The cash balance is some £68.7million lower than the 31 May 2015 figure. This reflects net cash outflows for the period on player transfers, of £39.4million, and capital expenditure, of £10.5million.

“The cash outflow on transfers reflects mainly the settlement of instalments due on past transfers and means that the net outstanding liability on transfers has reduced from £65.6 million at 31 May 2015 to £45.4 million at 30 November 2015.”