South Korean forward Park Chu-Young, during his presentation as new player of Celta Vigo at Balaidos stadium in Vigo, Spain last August. Pix: EPALONDON: Arsene Wenger's reputation for careful spending takes a multi-million knock as Emirates money men budget for striker being utterly worthless, reported Daily Mirror.

Incredible to think now, that 14 months ago, Park Chu-young was given the No.9 shirt by the Gunners after completing his move from Monaco.

Now he is officially worthless.

Arsenal have reportedly written off £5.5million in their accounts to cover the wages of the transfer flop – essentially an accountancy move that accepts the club will recover not a single penny by selling the player.

The South Korean arrived from Monaco on deadline day in the summer of 2011 but has barely had a kick. And despite having been sent on a season’s loan to Celta Vigo, the club have put a £5.5m “impairment fee’’ in their recently published accounts, writing off the value of one player.

By a process of elimination that 'one player' is reportedly Chu-young.

The move reduced Arsenal’s profits for the last financial year, but the club still made £36.6m in the 12 months to May 31.

The write-off of Chu-young has given them some wriggle room with regard to the Financial Fair Play regulations - his wages will reportedly now not figure in the balance sheet for the next three seasons.

- mD