Arsenal boss Arsene Wenger says they couldn't compete with Manchester United's contract offer to Robin van Persie. Wenger also revealed the Gunners will not reinvest the £22million as they have already signed Lukas Podolski, Olivier Giroud and Santi Cazorla.

He said: "We live in the economic reality which other clubs do not. There are some things we cannot afford to do.

"How much do you want to pay? 250k? 300k? You say we do not live in a realistic world and then reproach us when we say we will not pay 250k a week."