Peter Hill-Wood, the Arsenal chairman, has admitted the club "can't compete" in the transfer market with their Premier League top-four rivals. But Hill-Wood was confident the club would mount a serious title challenge and insisted the board was not worried about manager Arsène Wenger's failure to win a trophy for seven years.
Hill-Wood said: "Arsène has money to spend but there's a limit. We can't spend £50m on one player. At a certain level, we can't compete. Luckily, Arsène understands that. He's got an economics degree from Strasbourg University, so he's no fool. He knows how a club should run."