Arsenal chairman Peter Hill-Wood admits they can't compete with the Premier League's big spenders. Hill-Wood has made the shock admission Arsenal can no longer compete with the Premier League's elite in the transfer market.

"At a certain level, we can't compete," said the Gunners supremo.

"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."