Ahead of this transfer window it was widely reported that Arsenal only had £40m to spend but that might not be the case.

Lille forward Nicolas Pepe arrives to take part in a TV show on May 19, 2019 in Paris, as part of the 28th edition of the UNFP (French National Professional Football players Union) trophy ceremony. (Photo by FRANCK FIFE / AFP)

Back in February, John Cross declared in an EXCLUSIVE that the Gunners only had £40m to spend. Two days later David Ornstein said that it was more like £100m but that would include wages as well.

At the end of last week, Vinai Venkatesham said he had no clue where that £40m figure came from but he wasn’t prepared to offer another number because it would, understandably, harm their negotiation ability.

So, let’s look at what Arsenal have spent, brought in from players sales and could generate from selling some others to see what sort of figures we are really playing with.

Purchased

William Saliba after signing for Arsenal from St. Etienne (Photo via Arsenal.com)

Gabriel Martinelli: £6m

Dani Ceballos: £15m (loan fee)

William Saliba: Unclear – Total fee is €25m (£22.5m) but Arsenal will only pay a small part of that immediately.

Total: £21m – £43.5m

(let’s take a figure in the middle and call it £32.25m knowing that’s on the high side if Arsenal are only paying a fraction of Saliba’s fee now)

Rumoured

GLASGOW, SCOTLAND – MAY 19: Kieran Tierney of Celtic with the League Trophy during the Ladbrokes Scottish Premiership match between Celtic FC and Heart of Midlothian FC at Celtic Park on May 19, 2019 in Glasgow, Scotland. (Photo by Mark Runnacles/Getty Images)

Kieran Tierney: £25m

Nicolas Pepe: £72m

Total: £97m

Already sold

TOPSHOT – Colombia’s goalkeeper David Ospina (L) collides with Argentina’s Sergio Aguero during their Copa America football tournament group match at the Fonte Nova Arena in Salvador, Brazil, on June 15, 2019. (Photo by Raul ARBOLEDA / AFP)

Xavier Amaechi: £2.25m

David Ospina: £3.15m

Total in: £5.4m

Arsenal still have a number of players to move on which should increase their kitty further:

BAKU, AZERBAIJAN – MAY 29: Laurent Koscielny of Arsenal looks dejected as he walks past the Europa League Trophy whilst coduring the UEFA Europa League Final between Chelsea and Arsenal at Baku Olimpiya Stadionu on May 29, 2019 in Baku, Azerbaijan. (Photo by Michael Regan/Getty Images)

Laurent Koscielny: £7m

Carl Jenkinson: £1.8m

Mohamed Elneny: £7m

Takuma Asano: £1.35m

Total available: £17.15m

Other possible sales

LONDON, ENGLAND – MARCH 02: Shkodran Mustafi of Arsenal reacts during the Premier League match between Tottenham Hotspur and Arsenal FC at Wembley Stadium on March 02, 2019 in London, United Kingdom. (Photo by Clive Rose/Getty Images)

Shkodran Mustafi: £22.5m (although I fear Mustafi will be staying)

[values taken from Transfermarkt.co.uk]

Total out so far: £32.25m

Total in so far: £5.4m

Net spend to date: £26.85m

Total available through sales: £17.15m – £39.65m

Total available to buy Kieran Tierney/Nicolas Pepe/others if Arsenal did only have £40m to start with: £13.15m (no sales) – £52.8m (all the sales).

I guess you really can make £40m go a lot further than you think if you’re smart about it but if the deal for Pepe goes through it will have to be structured over at least a couple of years.

Arsenal transfers

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£13.15m – £52.8m: How much do Arsenal have left to spend?