Arsenal reveal details of Reyes £17.5m deal

Arsenal yesterday published the exact details of how much money they will pay for the Spanish international Jose Antonio Reyes, despite having initially announced that the deal would remain confidential.

The 20-year-old, who last night passed his medical at Highbury, will cost up to £17.5m should all appearances and targets be met, which would make him the club's record signing ahead of the £13m paid for Sylvain Wiltord in 2000.

An immediate £7.1m will be paid this financial year, £3.55m next year, and a potential £6.79m over the period of the four-and-a-half-year contract, dependent on various criteria including the club's success in Europe.

The announcement by Arsenal to the OFEX market ­ on which they are listed, as Arsenal Holdings, as a public limited company ­ was a surprise. The club never normally divulge transfer fees and in the past have not been required to do so because the OFEX market is not as regulated as the main Stock Exchange which forces Manchester United, for example, to declare all fees.

It would appear, though, that this latest move comes in an atmosphere of greater transparency in football following United's revelations that they paid agents £750,000 in the Louis Saha deal. Tellingly, Arsenal do not reveal whether any agents' fees were paid.

The breakdown of the deal does, however, explain the confusion over how much Reyes will cost. It had been thought that the Sevilla striker, or left-winger, would cost up to £24m ­ ¤10m more than is actually being paid. But that extra money is explained because the fee is ¤15m of which ¤10m is paid straightaway ­ whereas it was thought, and not discouraged by Sevilla, that it was ¤15m straightaway plus ¤10m later. Either way, it is still an astronomic fee especially in the straitened times in which football is operating and considering that last summer Arsenal spent just £1.5m ­ on the goalkeeper Jens Lehmann.

However, the club insisted that the Reyes deal did not affect the funding plans for their new 60,000-seat stadium nor mean that Thierry Henry will be sold to Real Madrid. Indeed, the structure of the payments, and Arsenal's successful season so far and continued participation in the Champions' League, help explain how the club can go ahead with finalising the £250m they need to borrow for Ashburton Grove.

The Arsenal chairman, Peter Hill-Wood, said: "We have an amount for transfer fees in our budget and it won't affect the new ground one bit. What we've done is use the bulk in this transfer window rather than wait to the end of the season."

He added that there was "no way" Henry would be sold, saying: "That is definite. And I don't think he wants to go. He is very well paid by us and though he could maybe earn more in Madrid, he loves both the club and his lifestyle here."

Reyes' arrival means that the manager, Arsène Wenger, will now wait until the summer to pursue his interest in Feyenoord's Robin van Persie. The Dutch club last week made public Arsenal's interest, much to the annoyance of Wenger. It remains to be seen, however, whether he makes an improved offer for West Ham United's Jermain Defoe before the January transfer window closes.

News
The guide, since withdrawn, used illustrations and text to help people understand the court process (Getty)
newsMinistry of Justice gets law 'terribly wrong' in its guide to courts
News
Bobbi Kristina Brown with her mother Whitney Houston in 2011
people
News
Starting the day with a three-egg omelette could make people more charitable, according to new research
scienceFeed someone a big omelette, and they may give twice as much, thanks to a compound in the eggs
News
Top Gun actor Val Kilmer lost his small claims court battle in Van Nuys with the landlord of his Malibu mansion to get back his deposit after wallpapering over the kitchen cabinets
people
PROMOTED VIDEO
Have you tried new the Independent Digital Edition apps?
News
The actress Geraldine McEwan was perhaps best known for playing Agatha Christie's detective, Miss Marple (Rex)
peopleShe won a Bafta in 1991 for her role in Oranges Are Not The Only Fruit
News
newsPatrick Cockburn was able to update his agenda-setting 'The Rise of Islamic State' while under attack in Baghdad
News
Robert Fraser, aka Groovy Bob
peopleA new show honours Robert Fraser, one of the era's forgotten players
Life and Style
Torsten Sherwood's Noook is a simple construction toy for creating mini-architecture
tech
Sport
David Silva celebrates with Sergio Aguero after equalising against Chelsea
footballChelsea 1 Manchester City 1
News
i100
Caption competition
Caption competition
Latest stories from i100
Have you tried new the Independent Digital Edition apps?

Bleacher Report

Daily Quiz
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

Day In a Page

As in 1942, Germany must show restraint over Greece

As in 1942, Germany must show restraint over Greece

Mussolini tried to warn his ally of the danger of bringing the country to its knees. So should we, says Patrick Cockburn
Britain's widening poverty gap should be causing outrage at the start of the election campaign

The short stroll that should be our walk of shame

Courting the global elite has failed to benefit Britain, as the vast disparity in wealth on display in the capital shows
Homeless Veterans appeal: The rise of the working poor: when having a job cannot prevent poverty

Homeless Veterans appeal

The rise of the working poor: when having a job cannot prevent poverty
Prince Charles the saviour of the nation? A new book highlights concerns about how political he will be when he eventually becomes king

Prince Charles the saviour of the nation?

A new book highlights concerns about how political he will be when he eventually becomes king
How books can defeat Isis: Patrick Cockburn was able to update his agenda-setting 'The Rise of Islamic State' while under attack in Baghdad

How books can defeat Isis

Patrick Cockburn was able to update his agenda-setting 'The Rise of Islamic State' while under attack in Baghdad
Judith Hackitt: The myths of elf 'n' safety

Judith Hackitt: The myths of elf 'n' safety

She may be in charge of minimising our risks of injury, but the chair of the Health and Safety Executive still wants children to be able to hurt themselves
The open loathing between Barack Obama and Benjamin Netanyahu just got worse

The open loathing between Obama and Netanyahu just got worse

The Israeli PM's relationship with the Obama has always been chilly, but going over the President's head on Iran will do him no favours, says Rupert Cornwell
French chefs get 'le huff' as nation slips down global cuisine rankings

French chefs get 'le huff' as nation slips down global cuisine rankings

Fury at British best restaurants survey sees French magazine produce a rival list
Star choreographer Matthew Bourne gives young carers a chance to perform at Sadler's Wells

Young carers to make dance debut

What happened when superstar choreographer Matthew Bourne encouraged 27 teenage carers to think about themselves for once?
Design Council's 70th anniversary: Four of the most intriguing prototypes from Ones to Watch

Design Council's 70th anniversary

Four of the most intriguing prototypes from Ones to Watch
Dame Harriet Walter: The actress on learning what it is to age, plastic surgery, and her unease at being honoured by the establishment

Dame Harriet Walter interview

The actress on learning what it is to age, plastic surgery, and her unease at being honoured by the establishment
Art should not be a slave to the ideas driving it

Art should not be a slave to the ideas driving it

Critics of Tom Stoppard's new play seem to agree that cerebral can never trump character, says DJ Taylor
Bill Granger recipes: Our chef's winter salads will make you feel energised through February

Bill Granger's winter salads

Salads aren't just a bit on the side, says our chef - their crunch, colour and natural goodness are perfect for a midwinter pick-me-up
England vs Wales: Cool head George Ford ready to put out dragon fire

George Ford: Cool head ready to put out dragon fire

No 10’s calmness under pressure will be key for England in Cardiff
Michael Calvin: Time for Old Firm to put aside bigotry and forge new links

Michael Calvin's Last Word

Time for Old Firm to put aside bigotry and forge new links