Arsenal cannot “outgun” their big-spending rivals in the transfer market, says Arsenal’s chief executive Ivan Gazidis.
The club have made one major signing this summer, buying Granit Xhaka from Borussia Monchengladbach for £35m.
“We can’t afford to outgun competitors that have far more money. We have to be very careful, very selective,” Gazidis told the New York Times.
The 51-year-old reiterated his support for manager Arsene Wenger, denying it is based on a “sense of nostalgia”.
Wenger has overseen 20 consecutive top-four finishes in the Premier League, but the last of his three league titles came in 2004. Some supporters protested at the end of last season, calling for a change in manager.
The Frenchman insisted that the club would “add what we missed” during the transfer window to close the 10-point gap to champions Leicester, but his pursuit of France forward Alexandre Lacazette so far has been frustrated with Lyon turning down a £29.3m offer.
Arsenal were the only club in Europe’s top five leagues not to buy an outfield player in last season’s summer transfer window. Goalkeeper Petr Cech, signed for £10m, was the only arrival, despite the club having almost £200m in cash reserves.
