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讨论到阿森纳的转会方式，论坛上各说不一，一些对转会不满意的球迷，将问题归结于：阿森纳没有钱

这似乎完全不是问题的根源，下面来自swissramble的一篇有关文字

http://swissramble.blogspot.com/ … ransfer-budget.html

Perhaps the best starting point for an analysis of Arsenal’s transfer fund is the actual cash balance, which was ￡110 million in the last published accounts (as at 30 November 2010). …”
讨论阿森纳转会，最好从阿森纳的资金储备开始，上面图表是阿森纳这几年来的储备资金，上次公布的数据是1.1亿英镑（2010年11月30日）。

That’s absolutely correct, but if we look at Arsenal’s cash balances over the last few years, it is clear that the trend has been upwards, rising from ￡53 million in November 2006 to ￡110 million in November 2010. ……
很清楚，阿森纳在前几年的现金储备一直呈上升趋势，，由2006年的5,300万到2010年的1.1亿。

In other words, Arsenal’s executive hierarchy might be accused of being a little conservative here, though they do have to maintain ￡23 million as debt service reserves for the stadium financing, which would mean a net balance of ￡87 million.
换句话说，阿森纳的高级领导层在这方面被认为是比较保守，尽管他们的确需要保证有能力偿还2,300万球场的贷款，也就是说，他们的纯现金储备是8,700万（纯现金储备=现金储备-欠贷=￡110m-￡23m=￡87m）

In fact, Arsenal’s ability to generate free cash flow has been very impressive, considering that: (1) most of the cash for the commercial deals with Nike and Emirates was paid upfront; (2) they have also managed to repay all the property debt incurred for the Highbury Square property development (just under ￡140 million).
实际上，阿森纳的流动资金的储备做得相当出色，考虑到：（1）大部分耐克和酋长的commercial deals都是预付；（2）他们也已经付清了海布里房地产开发的所有贷款（稍低于1.4亿英镑）

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