Arsene Wenger last night declared himself "days" away from committing to an extended contract at Arsenal. The deal is expected to take the manager to 2008, giving him two full seasons at the club's new 60,000-seat stadium.

Wenger's announcement came alongside the confirmation of Emirates as the new £100-million sponsors of the club for the next 15 years. The partnership provides the airline with the naming rights to the new stadium at Ashburton Grove while also giving it shirt sponsorship for eight seasons from 2006-07, when the company's current contract with Chelsea will have expired.

The deal yields £72 million for Arsenal between the beginning of next season and 2012, with a further £18 million from 2013 to 2020 and additional bonuses according to team performance.

"The contract is going very well, especially with the money coming in," quipped Wenger, whose existing agreement runs to the end of this season.

"I've said many times that I am committed to a future with the club and in a question of days we will announce an extension of the contract. It will be for a few years. (The delay) is not a money problem, it is a question of details made on both sides, by my lawyer and those at the club."

The sponsorship funds will permit Arsenal a smooth transition during the move to their new ground, ensuring there is no adverse impact on Wenger's transfer budget. The Frenchman was, though, defensive at the suggestion that the funds will help draw top talent to the club.

"The best players are first attracted by the way we play football and they feel they can reach the targets they want to achieve here," said Wenger. "The fact that such big sponsors are interested is because they feel we are moving in the right direction."

The club's decision to offer naming rights at all has been met with angry reaction by a number of fans who consider its legacy to have been sold out.

There was some sympathy from Peter Hill-Wood, who took over the chairmanship from his father, Dennis. "There will be people who say that (we are selling out) and I would be one of the first," he said. "I have been here many, many years, but this is a very good sponsor who is paying a lot of money."

Arsenal will begin repaying their long-term debt of £240 million when they move into the Emirates Stadium in August 2006. Though the loan is currently set at a punitive 7 per cent per-annum interest rate, the board will look to set more manageable repayment terms.

"I think (the sponsorship sums) exceeded our expectations," said Arsenal's managing director, Keith Edelman. "We will be indebted for the next seven years, but the highest peak of debt is when we move to the new stadium, and then it reduces. This secures our revenue streams throughout that period.

"We will probably review our financial position shortly before the move. It is our intention to refinance the existing debt over a longer period of time."

Edelman added that without the move to the new stadium, a sustained downturn in the champions' on-pitch performance would have led to a reduction in Wenger's resources.

"In (Highbury) stadium, Arsenal could not have survived extremely well if it was not in the Champions League for two successive seasons, we would have had to contract our wage bill," said Edelman. "In the new stadium, we can do that and still invest as much money in the team."

Across north London, Tottenham's chairman, Daniel Levy, yesterday predicted a bright future for Spurs - despite announcing a loss of £1.189 million for the year ending June 30th, 2004. The club has invested heavily in strengthening the squad and installed a new management structure in the hope of bringing success to White Hart Lane.

Spurs's heavy expenditure has been reflected in their accounts, which show an operating profit of £9.7 million until transfers are included, resulting in an overall loss.

However, Levy believes the club is now in a sound position to restore its reputation. "Following a process of change within the club we now have in place a structure that we hope will bring a steady return to the winning performance we all desire for Tottenham Hotspur," Levy said in a statement to the Stock Exchange.

Levy conceded Spurs could not hope to continue with their current level of expenditure, but insisted the outlay on players, which totals £37.5 million since July 1st, 2003, proved the club is ambitious.

Meanwhile, Paul Gascoigne's playing career has almost certainly come to an end after the former England midfielder announced yesterday that he was terminating his agreement with Boston United. Gascoigne joined the League Two club as a player-coach in the summer, but has struggled on the pitch and is keen to pursue a career in coaching.

The 37-year-old said that that he would be leaving York Street with immediate effect and that he hoped to complete an intensive coaching course at Lilleshall. "I've got an opportunity with (England coach) Sammy Lee coming up," said Gascoigne.

Wayne Rooney is one of four Manchester United players nominated for FIFA's World Player of the Year award.

Cristiano Ronaldo, Ryan Giggs and Ruud van Nistelrooy are the other United players. Arsenal are represented by Thierry Henry and Robert Pires and Chelsea's Frank Lampard and Didier Drogba are also among the 35 players listed.

Real Madrid, who are represented by Raul, Luis Figo, Roberto Carlos, Ronaldo, Zinedine Zidane, Michael Owen and David Beckham, are the club with the greatest number of nominations. The winner will be unveiled on December 20th.