'Arsenal can't compete with big clubs in transfer window'

Arsenal chairman Peter Hill-Wood has admitted they can't compete with big spending clubs like Manchester City and Chelsea in the transfer market.

Hill-Wood also said that the plight of Scottish club Glasgow Rangers, which went into administration and nearly put Rangers out of existence, should be a warning to every club.

Rangers were demoted to the fourth tier of Scottish football having gone into administration at the end of last season owing millions in unpaid tax, and Hill-Wood wants every club to learn from it.

"The Glasgow Rangers example is something we've all got to guard against. They spent far more money than they could afford. We're ambitious enough but we're not going to end in the same plight as Rangers. That is a fact of life. So my advice is, don't get miserable about it," the Daily Express quoted Hill-Wood, as saying.                

"We can't spend £50m on one player. At a certain level, we can't compete. I don't think [majority shareholder] Stan Kroenke is going to put the dollars in that Roman Abramovich or Sheikh Mansour are putting into Chelsea or Manchester City," he added.

"Arsene Wenger understands that. He got an economics degree from Strasbourg University so he's no fool. We're not going to go bankrupt in the way one or two other well-known clubs have," he said.