Arsenal saw annual profits fall by just short of £30 million from last year, despite selling key players last summer.
The Gunner's profits fells from £36.6m to £6.7m, only kept in the black by the sales of Alex Song to Barcelona and Robin Van Persie to Premeir League rivals Manchester United in the summer of 2012.
Arsenal ended last season in 4th place, failing to win any silverware for a seventh successive season. The Arsenal board promised that they would spend big this summer to strengthen the squad but left it until deadline day to capture Mesut Ozil from Real Madrid for £42.5m, making him their most expensive signing ever.
The club's chairman, Chips Keswick, said manager Arsene Wenger will have more money to spend when he so chooses. "With the Ozil transfer I believe we have made a significant statement and when Arsene decides the time is right to invest again Stan Kroenke, myself and the rest of the Board will be delighted to support him," he said.
According to Arsenal's statement, the club spent more on players than it gained, spending £58.7m on new signings and extending contracts.
Despite an opening day defeat at home to Aston Villa, Arsenal now join top of the Premier League, having won every game since, including two vital Champions League qualifiers and a subsequent win in the group stage of the same competition.