Arsenal chief Ivan Gazidis says manager Arsene Wenger has major transfer funds available to him.

He said: "This club have always supported Arsene Wenger in what he's wanted to do and we will continue to do that.

"Having said that, the summer transfer market is going to be interesting. There will be opportunities out there for all clubs that have managed themselves well. For those that haven't it's going to be a very challenging environment.

"One of the things that's surprised me about football since the Bosman decision has been that transfer fees have not rationalized themselves. I expected that transfer fees would go down and player salaries would go up after Bosman. And what we've seen is that both have gone up.

"At some point the amounts of money involved become so large and the pool of owners that can play at that level become so small that it's no longer able to sustain itself. We will continue to be rational in our investments."