ARSENE 'NO' T0 pounds 50M FUND.

Byline: JOHN CROSS

ARSENE WENGER has refused to splash out on new signings - despite being handed a pounds 50million transfer fund.

The Arsenal manager has risked upsetting fans by insisting he wants to nurture his youngsters and develop homegrown talent, rather than buying established talent.

Arsenal yesterday announced record annual profits of pounds 35.2m - and that figure does not include the pounds 36m from the sale of Kolo Toure and Emmanuel Adebayor to Manchester City. Chief executive Ivan Gazidis said there is money "available for investment'' after confirming that a slice of the profits and cash from the summer sales is there for Wenger.

But the boss said he will decline, despite fans crying out for big-name signings to help them catch up with the rest of the Big Four and moneybags Manchester City.

Wenger said: "Listen, there is money to spend but at the moment I am very happy with the squad.

"It's not because I'm against spending money, I have nothing against spending money. But I do not spend money because out of tomorrow's squad are Nasri, Walcott, Bendtner.

"And yet people want me to buy strikers, but where do I put them? I don't know. I have to then lose players, who, for me, are world class.

"It is true there is money and people reproach me for not losing money. It is not a personal thing, it is just that I have a squad that is strong enough to compete.

"When I look back at everywhere I worked, when I left the club there was money in the bank."