ARSENE Wenger has been promised a mammoth £70m transfer kitty after Arsenal revealed themselves to be one of Europe's richest clubs.

Figures unveiled yesterday show the Gunners' move to the Emirates Stadium has driven a near 50 per cent increase in turnover to more than £200m for the year ending May 31, 2007.

That sum means the Gunners, who play Newcastle in the Carling Cup tonight, are edged into second place in the continent's money league only by Real Madrid.

But with operating profit of £51.2m, up 274 per cent, the club now have a level of profitability far in excess of Real.

Match-day revenues of £3.1m per game at their new 60,000 home are double those generated at Highbury, and have seen the Gunners leapfrog main domestic rivals Manchester United and Chelsea, whose respective turnover for the same period was £167.8m and £152.8m.

The revelation of Arsenal's wealth is an ample response to those critics who questioned the effect the cost of relocation to Ashburton Grove would have on the club.

But after reiterating that Wenger did not spend all his budget this summer, delighted managing director Keith Edelman claimed the Frenchman would now have previously unheard of sums available to reinforce his squad.

Clearly Arsene's and the team's performance on the pitch has been outstanding, backed up by our strong financial position,"

said Edelman.

We gave a budget in the summer and he didn't even spend all of it. We had over £70m of cash at the end of the year and if Arsene wants to spend that money we will make it available."