Arsenal's board have decided against releasing major funds for big money signings this summer.

Gunners chief Ivan Gazidis told the club's website: "With regard to players, the board decided not to issue permanent capital in the hopes of signing one or two players in an inflated transfer market.

"Instead, the focus continues to be on securing the services of talented young players we have on long-term contracts and making very selective acquisitions, only where a new signing will add real value to our already strong squad."

Arsenal have, so far, only brought in Belgian defender Thomas Vermaelen in what is understood to be a £10million deal from Ajax.

Gazidis, though, warned just throwing money at the side was no guarantee of long-term success.

"We have developed some of the best young players in the world, as they showed by advancing to the last four in the Champions League," he said. "Simply spending money in the transfer market does not make a team or guarantee success.

"We have followed a slightly different route to most and have built, not bought, a team that has players who are highly sought after and valued by the biggest and best clubs in the world. But we intend to keep them.

"The club, supported by the talents of Arsene Wenger, has embarked on a longer-term strategy of building its team rather than buying it."

Gazidis added: "There is a football graveyard of clubs that have not adhered to these principles and have unfortunately suffered the consequences. Our responsibility is to build the club so that it can be successful, not just this season and next season, but also 10 and even 20 years from now."