Arsenal have written off £5.5million in their accounts to cover the wages of ­transfer flop Park Ju-Young, reports the London Evening Standard.

The 27-year-old striker arrived in north London on transfer deadline day in August 2011 from AS Monaco, but has hardly featured in the first-team.

Gunners boss Arsene Wenger had high hopes for the South Korean international at the Emirates Stadium, but after failing to make the grade, was sent on a season-long loan to Spanish side Celta Vigo.

Park will go down as one of the Frenchman's worst signings during his entire Arsenal tenure, having scored just one goal in six appearances for the club.

The "impairment fee" visible in Arsenal's recently published accounts essentially writes off the value of one player, and with fellow loanees Denilson and Nicklas Bendtner almost at the end of their contracts, the figure must relate to Park - meaning that Wenger believes he cannot recover any of the money spent by selling the forward.

Despite the obvious transfer cock-up, the Gunners are still in a healthy financial position, and have the funds to make two more marquee signings when the transfer window reopens in January, following the summer arrivals of Lukas Podolski, Olivier Giroud and Santi Cazorla.

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