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Arsenal will stick to self-financing model

Arsenal will continue to pursue a policy of being self-financing as they battle "super-heated" transfer fees, wages and agent payments, chairman Chips Keswick said on Wednesday.

Keswick was commenting on the club's latest financial results that showed a 23.4 million pounds ($32.24 million) drop in turnover after Arsenal failed to qualify for the Champions League for the first time in 20 years.

The Premier League club recorded a pre-tax profit of 25.1 million pounds ($34.6 million) for the six months ending Nov. 30 and their cash reserves grew to 137.6 million pounds, up 37.1 million from 2016.

The club made a profit on player sales amounting to 58.4 million pounds after a number of players including Alex-Oxlade Chamberlain, Wojciech Szczesny, Kieran Gibbs and Gabriel Paulista left in the close-season.

Keswick said it had not been an easy period for Arsenal on the pitch. The club are sixth in the Premier League and look likely to miss out on Europe's money-spinning elite club competition for a second season.

The chairman reiterated, however, that under the ownership of largest shareholder Stan Kroenke Arsenal will aim to only spend what they earn to achieve long-term stability.

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