Arsenal chairman Peter Hill-Wood insists the club are in a position to spend big money in the transfer market this summer.
Arsenal this week announced half-year profits of £17.8million to the end of November 2012 and cash reserves of £123.3m.
The Gunners continue to be linked with a number of players, with Barcelona forward David Villa still believed to be on their shopping list, while the likes of Napoli striker Edinson Cavani and Atletico Madrid's Adrian Lopez were rumoured to be January transfer targets.
Manager Arsene Wenger said last week the club could afford to buy Atletico Madrid striker Radamel Falcao, who would come with a price tag of more than £40m, and Hill-Wood has backed those claims by insisting Arsenal have the funds to compete for their top targets.
Hill-Wood also defended Arsenal's position following criticism over their trophy drought, which looks likely to stretch to eight seasons this year.
"I understand that they want us to win everything, but so do I. But we are in a damned sight better position than a lot of people," he added.
And he insisted: "Let me be quite clear that our intention is to keep our best players and recruit new talent to make us stronger.
"Although we were disappointed to see Robin van Persie leave the club, we have taken steps to secure our best players going forward and have recently signed Jack Wilshere, Theo Walcott, Kieran Gibbs, Aaron Ramsey, Alex Oxlade-Chamberlain and Carl Jenkinson to new long-term contracts.
"During this financial period we also invested £40.9m in the acquisition of new players, Lukas Podolski, Santi Cazorla and Olivier Giroud, and the extension of other player contracts. More recently we added Nacho Monreal to our ranks from Malaga.
"Our desire is to make everyone connected with Arsenal proud of the club. We know that comes through winning trophies but also through the way we do things and that will remain our constant guide."
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