Arsène Wenger's recent comments on Chelsea's spending may have been somewhat ironic, as Arsenal now command the third-highest wage bill in the Premier League. According to analysis by the Arsenal Supporters Trust, the Gunners' wage commitments have risen to approximately £120m.
By contrast, Chelsea's wage bill, when stripping out £12.6m in compensation payments to departed managers Avram Grant and Luiz Felipe Scolari, stands at a comparable £137m. However, Arsenal's wage bill is entirely funded by self-generated income rather than owner subsidy.
To put Carlo Ancelotti's competitive advantage over Wenger into context, Arsenal's wage bill exceeds the total annual 2007-08 revenues of all Premier League clubs except Chelsea, Liverpool, and Manchester United, according to Deloitte figures.
Wenger's transfer budget this summer is expected to be subsidised by the success of the stadium redevelopment, not by shareholder contributions. By the time the transfer window opens, it is believed all debts associated with the Emirates Stadium will have been paid off, freeing up tens of millions for transfer fees and wages.
