£130m for Arsenal

Arsenal have received a massive cash boost as they attempt to finance their new stadium at Ashburton Grove.

A new kit sponsorship deal with Nike revealed today is worth an estimated £130million to the club over the next 10 years, starting in July 2004.

But the key element in the deal is a £55m lump sum that will be paid to the club by July 2006, when they intend to move to their new £400m home.

More importantly, a letter of credit for the £55m is being provided immediately so that banks and finance houses interested in funding the stadium can be assured of the income and the club's financial position.

That has been the subject of much speculation this year following the decision to put the move from Highbury on hold after difficulties in securing banks to underwrite the project.

Building work was stopped and there were renewed reports of a possible move to Wembley.

Those will inevitably increase after new Football Association chief executive Mark Palios said he "could not rule out" Arsenal and Spurs sharing the stadium.