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Arsenal chairman Sir Chips Keswick has pledged the club will spend big this summer in order to challenge for the Premier League next season.
The Gunners broke their transfer record in the previous two transfer windows with the signings of Alexandre Lacazette (£52m) and Pierre-Emerick Aubemaeyang (£55m).
However, among them include the departures of Alex Oxlade-Chamberlain, Kieran Gibbs, Gabriel Paulista, Wojciech Szczesny, Olivier Giroud, Theo Walcott and Francis Coquelin which helped to bring in more than £110m.
The latest figures show cash reserves have risen to £137.6m, from £100.5m in the corresponding period for 2016, but turnover dropped by £23.4m to £167.7m as a result of the team dropping into the Europa League.