Edelman: financially strong

Arsenal's Managing Director Keith Edelman has revealed that the club does not need any significant financial investment and can compete with any club in the world in terms of finance. Earlier in the week, Alisher Usmanov had increased his stake to 21 percent to spark rumours of an imminent take over.

Edelman said to the club's official website, "The board is steadfast in its view and we have maintained a consistent and clear position. We do not believe that outside investment is necessary for the long-term good of the club.

"We are in great shape, as will be seen when we report our results next Monday.

"The stadium has been in operation for over a year now and on the financial front, we can compete with any club in the world.

"We believe that Arsene signing an extension to his contract reinforces our determination to challenge for top honours.

"At the end of the day, we are a football club that wants to win silverware.

"There is no better feeling than triumphing on the pitch. That is what gives us all the greatest of pleasure.

"As for the rest, yes, the exchange of shares may be a distraction and cause for speculation, but we are unmoved in our position."

Arsenal continue to improve both on the field and off the field, with Arsenal's parent company set to publish their annual financial results on Monday, which are understood to show total turnover rocketed to nearly £200million thanks to the new state of the art Emirates Stadium.

Edelman added, "The stadium has been in operation for over a year now and on the financial front, we can compete with any club in the world.

"We believe that Arsene signing an extension to his contract reinforces our determination to challenge for top honours."