Arsenal chief executive Ivan Gazidis has launched a defence of the club's transfer strategy at their AGM on Thursday.
The north London club were widely criticised for failing to sign a single outfield player over the summer, with their £10m spend on goalkeeper Petr Cech dwarfed by the massive fees paid by Manchester City, United and Chelsea.
Gazidis insists the club will not spend money purely for the sake of it, though, and says the decision to buy a player falls ultimately to manager Arsene Wenger, pointing to the signings of Cech, Mesut Ozil and Alexis Sanchez as indications of the club's ambition.
"We know with certainty that we will not be able to beat our competition by getting in an arms race trying to outspend our rivals," Gazidis said. "It would be a waste of hard-earned resources.
"We’ve been very active in the transfer market in recent seasons, transforming our squad in the process. We have a relatively young, very talented and very deep squad this season.
"All transfers are ultimately football decisions and those are made by our manager who has an outstanding record of identifying and developing talent.
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