Gunners put players investment first

The club on Friday announced profits of £20million for the half-year ending November 2007 - a healthy improvement on the corresponding figures from 2006, which saw the company report a £12.9million profit after exceptional payments.

And Edelman has confirmed the club's robust finances will be used to keep Arsene Wenger's team in equally rude health, saying: "We've got no plans to make any dividends to shareholders so all resources will be retained within the business. Clearly we've got ample cash in the balance sheet to make additions to the squad if that's what the manager wants to do."

He added: "We're having a good season. Our objectives are to play good football, to win honours and to make a profit. At the moment we're pretty happy with where we are in terms of those.

"No-one has actually asked us to start paying dividends, it's far too early for us to be doing that.

"We need to invest in the business and in the team. The squad, that's our first port of call."

Contributing factors included the new and improved overseas broadcasting deal, with TV revenues up £6.5million to £24.3million, and the continuing good performance of the Emirates Stadium.

The pre-season Emirates Cup tournament, featuring the Gunners, Inter Milan, Paris St Germain and Valencia, attracted 110,000 supporters and contributed to a year-on-year improvement of over £3million in stadium receipts.

Edelman also insisted that there was be no imminent threat of a takeover from Russian billionaire Alisher Usmanov, whose Red and White Holdings company have been steadily increasing their stake in Arsenal.

Former vice-chairman, and staunch Wenger ally, David Dein sold his shares to the steel billionaire's investment company when he left last August and is now chairman of Red and White.