Arsenal FC chiefs have written off £5.5 million in their accounts to cover the wages of Park Chu Young after the striker failed to make the grade.
The South Korean flop joined Arsenal from Monaco on deadline day in the summer of 2011, but has barely been featured in the Premier League or first team.
The transfer is not one of Arsene Wenger’s key signings at the club, although he first described the striker as a “valuable addition” who would bring “true quality to the squad.” The striker did not live up to his billed reputation, however, only scoring one goal in six appearances.
After spending a season long loan last season at Celta Vigo, the South Korean is now in search of a new club, as the Emirates club have put a £5.5 million ‘impairment fee’ into their recently published accounts.
Despite reducing Arsenal’s profits last financial year, during the last 12 months leading to 31st May, the club have still made an extra £36.6 million, which will give them extra leeway in regards to the financial fair play rules.
Despite taking the loss on Young, Arsenal are still understood to be in a strong financial position, and could acquire two marquee signings in January.
It is thought that Wenger could buy 2 players worth £25 million each and give them six figure contracts if he wished, come the opening of the next transfer window.