'Arsenal's pursuit of the Double last season cost them more than £50m and has prompted plans to slash their wage bill. The club's figures for the financial year 2001-2 explain their relatively quiet summer in the transfer market: they made a pre-tax loss of £22.3m compared with a £33m pre-tax profit the season before', reports the Guardian.
"The new players added to the squad in pre-season [last year] . . . meant our playing staff was 71 compared to 63 for the previous year," said the chairman Peter Hill-Wood.
"We are actively pursuing a policy to control and reduce our wage bill while maintaining a playing squad capable of bringing further trophies back."
Arsenal are pinning their future financial hopes on bigger gate revenues when they move to Ashburton Grove, that is if they can last that long before falling through any holes in the balance sheet.
Meanwhile Patrick Vieira's red card against Chelsea on Sunday will not be reviewed by the referee Andy D'Urso and he will serve a one-game ban.
The Football Association announced that the referee would not be looking at video evidence.
Vieira will miss the home game with Bolton on September 21.