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.

Have you tried new the Independent Digital Edition apps?
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

Sepp Blatter resignation: The beginning of Fifa's long road to reform?

Does Blatter's departure mean Fifa will automatically clean up its act?

Don't bet on it, says Tom Peck
Charles Kennedy: The baby of the House who grew into a Lib Dem giant

The baby of the House who grew into a Lib Dem giant

Charles Kennedy was consistently a man of the centre-left, dedicated to social justice, but was also a champion of liberty and an opponent of the nanny-state, says Baroness Williams
Syria civil war: The harrowing testament of a five-year-old victim of this endless conflict

The harrowing testament of a five-year-old victim of Syria's endless civil war

Sahar Qanbar lost her mother and brother as civilians and government soldiers fought side by side after being surrounded by brutal Islamist fighters. Robert Fisk visited her
The future of songwriting: How streaming is changing everything we know about making music

The future of songwriting

How streaming is changing everything we know about making music
William Shemin and Henry Johnson: Jewish and black soldiers receive World War I Medal of Honor amid claims of discrimination

Recognition at long last

Jewish and black soldiers who fought in WWI finally receive medals after claims of discrimination
Beating obesity: The new pacemaker which helps over-eaters

Beating obesity

The new pacemaker which helps over-eaters
9 best women's festival waterproofs

Ready for rain: 9 best women's festival waterproofs

These are the macs to keep your denim dry and your hair frizz-free(ish)
Cycling World Hour Record: Nervous Sir Bradley Wiggins ready for pain as he prepares to go distance

Wiggins worried

Nervous Sir Bradley ready for pain as he prepares to attempt cycling's World Hour Record
Liverpool close in on Milner signing

Liverpool close in on Milner signing

Reds baulk at Christian Benteke £32.5m release clause
On your feet! Spending at least two hours a day standing reduces the risk of heart attacks, cancer and diabetes, according to new research

On your feet!

Spending half the day standing 'reduces risk of heart attacks and cancer'
With scores of surgeries closing, what hope is there for the David Cameron's promise of 5,000 more GPs and a 24/7 NHS?

The big NHS question

Why are there so few new GPs when so many want to study medicine?
Big knickers are back: Thongs ain't what they used to be

Thongs ain't what they used to be

Big knickers are back
Thurston Moore interview

Thurston Moore interview

On living in London, Sonic Youth and musical memoirs
In full bloom

In full bloom

Floral print womenswear
From leading man to Elephant Man, Bradley Cooper is terrific

From leading man to Elephant Man

Bradley Cooper is terrific