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.

Arts and Entertainment
Wolf (Nathan McMullen), Ian (Dan Starky), The Doctor (Peter Capaldi), Clara (Jenna Coleman), Santa Claus (Nick Frost) in the Doctor Who Christmas Special (BBC/Photographer: David Venni)
tvOur review of the Doctor Who Christmas Special
News
peopleIt seems you can't silence Katie Hopkins, even on Christmas Day...
Arts and Entertainment
Left to right: Stanley Tucci, Sophie Grabol and Christopher Eccleston in ‘Fortitude’
tvSo Sky Atlantic arrived in Iceland to film their new and supposedly snow-bound series 'Fortitude'...
Arts and Entertainment
Jenna Coleman as Clara Oswald in the Doctor Who Christmas special
tvForget the rumours that Clara Oswald would be quitting the Tardis
PROMOTED VIDEO
Have you tried new the Independent Digital Edition apps?
Arts and Entertainment
Sir Bruce Forsyth with Tess Daly in the BBC's Strictly Come Dancing Christmas Special
tvLouis Smith wins with 'Jingle Bells' quickstep on Strictly Come Dancing's Christmas Special
Arts and Entertainment
Japanese artist Megumi Igarashi showing a small mascot shaped like a vagina
art
News
The Queen delivers her Christmas message
newsTwitter reacts to Her Majesty's Christmas Message
Arts and Entertainment
tv
Life and Style
fashion
Sport
sport
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

Isis in Iraq: Yazidi girls killing themselves to escape rape and imprisonment by militants

'Jilan killed herself in the bathroom. She cut her wrists and hanged herself'

Yazidi girls killing themselves to escape rape and imprisonment
Ed Balls interview: 'If I think about the deficit when I'm playing the piano, it all goes wrong'

Ed Balls interview

'If I think about the deficit when I'm playing the piano, it all goes wrong'
He's behind you, dude!

US stars in UK panto

From David Hasselhoff to Jerry Hall
Grace Dent's Christmas Quiz: What are you – a festive curmudgeon or top of the tree?

Grace Dent's Christmas Quiz

What are you – a festive curmudgeon or top of the tree?
Nasa planning to build cloud cities in airships above Venus

Nasa planning to build cloud cities in airships above Venus

Planet’s surface is inhospitable to humans but 30 miles above it is almost perfect
Surrounded by high-rise flats is a little house filled with Lebanon’s history - clocks, rifles, frogmen’s uniforms and colonial helmets

Clocks, rifles, swords, frogmen’s uniforms

Surrounded by high-rise flats is a little house filled with Lebanon’s history
Return to Gaza: Four months on, the wounds left by Israel's bombardment have not yet healed

Four months after the bombardment, Gaza’s wounds are yet to heal

Kim Sengupta is reunited with a man whose plight mirrors the suffering of the Palestinian people
Gastric surgery: Is it really the answer to the UK's obesity epidemic?

Is gastric surgery really the answer to the UK's obesity epidemic?

Critics argue that it’s crazy to operate on healthy people just to stop them eating
Homeless Veterans appeal: Christmas charity auction Part 2 - now LIVE

Homeless Veterans appeal: Christmas charity auction

Bid on original art, or trips of a lifetime to Africa or the 'Corrie' set, and help Homeless Veterans
Pantomime rings the changes to welcome autistic theatre-goers

Autism-friendly theatre

Pantomime leads the pack in quest to welcome all
The week Hollywood got scared and had to grow up a bit

The week Hollywood got scared and had to grow up a bit

Sony suffered a chorus of disapproval after it withdrew 'The Interview', but it's not too late for it to take a stand, says Joan Smith
From Widow Twankey to Mother Goose, how do the men who play panto dames get themselves ready for the performance of a lifetime?

Panto dames: before and after

From Widow Twankey to Mother Goose, how do the men who play panto dames get themselves ready for the performance of a lifetime?
Thirties murder mystery novel is surprise runaway Christmas hit

Thirties murder mystery novel is surprise runaway Christmas hit

Booksellers say readers are turning away from dark modern thrillers and back to the golden age of crime writing
Anne-Marie Huby: 'Charities deserve the best,' says founder of JustGiving

Anne-Marie Huby: 'Charities deserve the best'

Ten million of us have used the JustGiving website to donate to good causes. Its co-founder says that being dynamic is as important as being kind
The botanist who hunts for giant trees at Kew Gardens

The man who hunts giants

A Kew Gardens botanist has found 25 new large tree species - and he's sure there are more out there