We can’t match City or Chelsea, admits Gunners chairman.
Arsenal chairman Peter Hill-Wood has admitted that the club ‘can’t compete’ with the likes of Chelsea and Manchester City in the transfer market but says the Gunners can still win the Premier League.
Hill-Wood also said that manager Arsene Wenger has his full backing, despite the club’s seven-year trophy drought.
“Arsene has money to spend but there’s a limit. We can’t spend £50million on one player,” Hill-Wood told the Evening Standard.
“At a certain level, we can’t compete. I don’t think [majority shareholder] Stan Kroenke is going to put the sort of dollars in that [Roman] Abramovich or Sheikh Mansour are putting into Chelsea or Manchester City. That’s not the way he thinks clubs should be run.
“Luckily, Arsene understands that. He got an economics degree from Strasbourg University so he’s certainly no fool. He knows how a club should be run. That annoys a lot of people but clubs have to be sustainable. We’re not going to go bankrupt in the way one or two other well-known clubs have.
“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.”
Last season Wenger came under increasing pressure with some sections of support chanting “You don’t know what you’re doing” at the Frenchman.
“What those fans shouted did not influence me one little bit. I was disgusted to hear them because Arsene’s been absolutely outstanding. He is still outstanding,” Hill-Wood continued.
This summer saw captain Robin van Persie become the latest big name to quit the club because he did not believe their ambitions matched his own.
“We have a pretty good chance of challenging for the Premiership. I don’t see why we cannot win it this year,” Hill-Wood finished.
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