Arsenal chief Ivan Gazidis insists the club's finances can survive missing out on the top four this season.

"While we would rather be in the Champions League for a wide variety of reasons, if we were to miss out we will be very solidly positioned to invest prudently to come back the following years," he said.

"Because of the way the club is positioned, particularly with Emirates Stadium, and our other long-term contracted revenue streams, the impact is not dramatic."

Gazidis, however, declared: "We are still aiming for a place in the top four, and we think we are going to surprise a lot of pundits out there who are writing off our chances."