Arsenal decision to break their own transfer record when signing Sevilla’s Jose Antonio Reyes will not affect funding for the club’s new Ashburton Grove stadium, says chairman Peter Hill-Wood.
Arsenal expect to complete the signing of the 20-year-old Spanish international following his medical on Wednesday, after announcing his move for a club record of up to £20m from Sevilla.
Manager Arsene Wenger has recently been restricted in his transfer budget with all available funds earmarked for the constructiion of the £400m Ashburton Grove stadium.
“It doesn’t affect the stadium, not one bit,” chairman Hill-Wood told London’s Evening Standard newspaper.
“We have an amount for transfer fees in our budget and that won’t affect the new ground.
“What we have done is use the bulk of this fund in this transfer window rather than wait for the end of the season.”
Arsenal Holdings, the club’s parent company, confirmed the details of the four-and-a-half year deal, which is for an initial €15m, with €10m payable immediately.
“Additional consideration of up to 9.5 million euros may become payable, subject to various appearance and performance criteria being satisfied,” Arsenal, listed on the OFEX market, said.
Hill-Wood also confirmed that the signing of Reyes would not signal the departure of striker Thierry Henry.
“No way is he going – to Real Madrid or anywhere else. That is definite. And I don’t think he wants to go…He is very happy here and loves both the club and the lifestyle.”