Arsenal boss Arsene Wenger says the club is now in a position to spend big on new signings.Arsenal held their annual general meeting at the Emirates Stadium on Thursday, where the atmosphere was much less tense than in previous seasons, with the team currently top of the Barclays Premier League after having smashed their transfer record with the £43million deadline day signing of German playmaker Ozil from Real Madrid.
Wenger said: "We have a huge ambition to win this league again and that is the target of the season, but I still believe our policy has to be based on three different levels. I don't think without that we will have success.
"The first level is of course, continue to defend our style of play, our philosophy of play and our values. That can only be done by developing our own players and the core of our team has to come from the development inside our club.
"The second level of the development of our club has to be based on the intelligence of our eye. That means players who are unknown and who can become big players here, through our connections, the quality of our scouting, through the quality of what we have seen in them and how they could develop.
"Then, the third part of our development and ambition is to scout and buy recognised world class players. This season for example we have bought Ozil. You don't need any scout to buy Ozil. You just need money.
"I am quite happy that we have shown to you that we are not scared to spend money when we think the players have the quality and we have the funds available to do it."
Wenger continued: "I believe we have a huge advantage in that our club is well respected all over the world because we have values, because we are not artificial, because we are based on tradition, we are as well forward thinking and we give a chance to young people who deserve it.
"That is for me something that is very important to preserve."
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